Instead, Boehner began last week rallying top Republicans around the Bowles framework, which was presented in November 2011 to a special deficit- reduction “supercommittee” of Congress. The framework is separate from the recommendations Bowles offered when he served as co-chairman of Obama’s fiscal commission with former Republican senator Alan Simpson of Wyoming.
All told, the plan would reduce borrowing by $2.2 trillion through 2022 — or by as much as $4.6 trillion when previously enacted spending cuts, interest savings and reductions in war spending are taken into account.
The Republican proposal was included in a letter to Obama, which was drafted and signed over the weekend. In addition to Boehner, Cantor and Ryan, the letter was signed by Majority Whip Kevin McCarthy (Calif.), Ways and Means Committee Chairman Dave Camp (Mich.), Energy and Commerce Committee Chairman Fred Upton (Mich.), and newly elected House Republican Conference Chairman Cathy McMorris Rodgers (Wash.).
The offer makes no mention of how to handle a looming battle over the federal debt limit, which will soon need to raised above $16.4 trillion. Nor does the offer provide any suggestions for how to carry out the debt-reduction framework and avoid the fiscal cliff. GOP aides said those details are open to negotiation.