The FactChecker: Are lawmakers speaking the same language?

(Olivier Douliery/via Bloomberg)

“I’ve put forward a detailed plan that allows us to make these investments while reducing our deficit by $4 trillion over the next decade.” — President Obama, Nov. 9, 2012

Bridging the ‘fiscal cliff’ gap over spending

Posted by Glenn Kessler at 06:02 AM ET, 11/21/2012

Much of the attention concerning the so-called “fiscal cliff” has focused on tax revenues, specifically President Obama’s demand that tax rates rise for the wealthiest Americans. But the other side of the ledger — spending — is equally important, if the goal is to reduce federal budget deficits.

Indeed, the fiscal cliff includes automatic spending cuts that members of both parties want to halt. But more broadly, a “grand bargain” between the two parties would likely include an effort to slow the growth of big entitlement programs such as Medicare and Social Security.

There’s one key roadblock to any agreement: Are lawmakers actually speaking the same language, budget wise, as they negotiate?

Let’s explain.

The Facts

The first step in any budget agreement is the baseline — the point from which lawmakers and the administration measure any cuts or increases in spending and revenue. The baseline is also the source of many budget gimmicks.

(More here.)