Senate Preps New Deficit Plan

Something on the hill to keep an eye on: The Wall Street Journal says a group of bipartisan senators are working on legislation that would trigger automatic tax hikes and spending cuts if Congress fails to meet deficit-reducing measures. Those measures are broken into four categories: rewriting the tax code to eliminate loopholes and lower overall rates; cut discretionary spending by placing mandatory caps on security and non-security spending; changes to Medicare, Medicaid, and other entitlements; and changes to social security. Senators working on the plan include Dick Durbin, Kent Conrad, and Mark Warner from the Democratic side of the aisle, and Tom Coburn, Mike Crapo, and Saxby Chambliss from the Republican side.