A targeted $55 billion cut instead of the $109 billion slated to be cut from the federal budget under sequestration is an idea circulating around Congress, Capitol Hill aides told Reuters.
According to Richard Cowan‘s report, one aide had referred to a stop-gap revenue measure until Congress has time to consider a large tax reform package.
The $55 billion in cost savings would cover months January through June and focus on programs selected by Congress, aides told Reuters.
If approved, Cowan reports the more targeted cuts would be coupled with a promise by Congress to work on larger deficit-cutting tax and spending measures next year.
If progress occurs, a future grand bargain compromise could see as much as $4 trillion in government savings over 10 years, Cowan reports.