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$55 Billion 'Fallback' on Sequester Considered $55 Billion 'Fallback' on Sequester Considered

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Power

$55 Billion 'Fallback' on Sequester Considered

In an effort to undo the mandated across-the-board spending cuts slated to take effect on Jan. 2, some in Congress are eyeing the possibility of replacing the $109 billion in automatic cuts with a $55 billion replacement package, Reuters reports

This would only be possible as part of a larger deficit deal involving revenue increases (or the closing of loopholes) and spending cuts. 

The replacement package would carry Congress through June, giving it time to come to find a more substantial agreement. This would still leave unanswered the question of extending the Bush-era tax cuts.

Reuters reports:

"It is a fallback with a decent chance of happening," a Senate Democratic aide said of a six-month, $55-billion plan. The aide emphasized that this was being batted around on the staff level and has not been publicly embraced by members of Congress.

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