25 years ago when we were also concerned about deficits, one of the instruments was Gramm-Rudman-Hollings,which provided for automatic cuts in expenditures if deficits exceeded a pre-determined level.
President Obama makes a return of GRH an important part of his deficit program. See Keith Hennessey's summary [See this Yglesias post for more discussion.]
GRH is burned in my memory, given the problems it caused us to administer it. If it returns, I wish FSA luck.
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