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Parties Seek Fallback Plans to Avoid Fiscal Cliff

Legislators discuss package of $60 bln to $100 bln in deficit reductions to avert larger cuts and tax increases.

By Heidi Przybyla, Bloomberg | Updated on October 16, 2012

Both parties in Congress are discussing fallback plans for $60 billion to $100 billion in deficit reduction to avert larger spending cuts and tax increases that could trigger a recession in 2013, according to several congressional aides.

With Republicans including House Speaker John Boehner saying a broad tax-and-spending deal after the Nov. 6 election probably can’t happen, the two parties are separately discussing a down payment to replace at least half of $110 billion in automatic spending cuts set to begin in January, said the Democratic and Republican aides.

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