On Wednesday, I posted a column about the GOP’s dual-trigger nightmare: the prospect that deficit reduction would now take place through a combination of the supercommittee’s $1.2 trillion spending trigger and the expiration of the Bush tax cuts. That would cut the deficit by $5 trillion — actually, $6 trillion, once you include reduce interest payments — but in a vastly more progressive fashion than either party has even considered proposing. To get a sense of how progressive, here’s a graph comparing the spending cuts and tax increases in all of the major deficit-reduction packages proposed thus far. (Note: I’m measuring revenues against the tax code as it it is right now, and I’m not including savings on interest payments.)
It would be quite a turn of events if the GOP started by proposing the Ryan plan and ended with the dual-trigger plan.