Lawmakers consider $55 billion 'fallback' to avert sequestration

In an effort to undo the mandated across-the-board spending cuts slated to take effect on Jan. 2, some in Congress are eyeing the possibility of replacing the $109 billion in automatic cuts with a $55 billion replacement package, Reuters reports.

This would only be possible as part of a larger deficit deal involving revenue increases (or the closing of loopholes) and spending cuts.

The replacement package would carry Congress through June, giving it time to come to find a more substantial agreement. This would still leave unanswered the question of extending the Bush-era tax cuts.

Reuters reports:

"It is a fallback with a decent chance of happening," a Senate Democratic aide said of a six-month, $55-billion plan. The aide emphasized that this was being batted around on the staff level and has not been publicly embraced by members of Congress.