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06/14/06--Senate Budget ranking member Kent Conrad, D-N.D., during a news conference on the ÒStop Over-Spending Act,Ó or SOS, a package of budget changes introduced today by Chairman Judd Gregg intended to require Congress to cut the deficit by more than 80 percent by 2012. GreggÕs proposed deficit cap, which he labeled the ÒGregg mechanism,Ó would slow the growth of spending, including entitlement programs, if Congress did not meet annual deficit targets. Under this plan, the deficit would drop from 2.75 percent of gross domestic product in fiscal 2007 to 0.5 percent in 2012. Democrats were not enthusiastic, particularly because Gregg refused to adopt pay-as-you-go budget rules on tax cuts. Congressional Quarterly Photo by Scott J. Ferrell

06/14/06--Senate Budget ranking member Kent Conrad, D-N.D., during a news conference on the ÒStop Over-Spending Act,Ó or SOS, a package of budget changes introduced today by Chairman Judd Gregg intended to require Congress to cut the deficit by more than 80 percent by 2012. GreggÕs proposed deficit cap, which he labeled the ÒGregg mechanism,Ó would slow the growth of spending, including entitlement programs, if Congress did not meet annual deficit targets....
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