Deficit-reduction panel set next meeting for Nov. 1

The bigger the deal the more confidence it will instill in the stock markets and general public as the economy struggles to get a foothold on a recovery, they said last month. 

Domenici, the former chairman of the Senate Budget Committee, and Rivlin, a former head of the White House’s budget office, along with a group of other put out their own, more aggressive deficit-cutting plan shortly after Simpson-Bowles hit the airwaves. 

While neither plan caught on in full, the deficit-reduction panel could certainly crib from the blueprints, which provide ideas on cutting taxes and trimming entitlement spending. 

The supercommittee will hold its next meeting on Wednesday with Congressional Budget Office Director Doug Elmendorf.