HOW TO GET A GRAND BARGAIN

In a recent Wall Street Journal op-ed on America's financial future, honorary chair James A. Baker, III, discusses how Congress might reach a workable "grand bargain." First, legislators should postpone all elements of the Jan. 1 fiscal cliff -- spending cuts, revenue increases and the debt limit -- until March 31, 2013. This will give Congress "enough time to negotiate a responsible compromise," he says. Baker also proposes a mechanism guaranteeing that spending cuts actually follow tax increases.

Read more about Baker's approach to a "fiscal cliff" deal in the Nov. 15, 2012, Wall Street Journal op-ed, "How to get a grand bargain." Subscription required.