Senate Republicans Unveil Budget Package

UNITED STATES - JUNE 14: Senate Budget Chairman Judd Gregg, R-N.H., during a news conference to unveil the "Stop Over-Spending Act," or SOS, a package of budget changes intended to require Congress to cut the deficit by more than 80 percent by 2012. Gregg's proposed deficit cap, which he labeled the "Gregg mechanism," 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. (Photo by Scott J. Ferrell/Congressional Quarterly/Getty Images)