Most political bargaining in the U.S. system has two features which are constitutionally mandated: (1) only one actor can make a formal proposal, and (2) he or she can make an indefinite number of proposals. Existing work in economics and political science ignores at least one of these features....

The United States faces severe fiscal challenges that can no longer be ignored. Entitlement spending, especially Medicare, is a ticking time bomb that must be defused. A growing debt burden raises concerns about the government's ability to pay back debt without strangling economic growth. These...

Most political bargaining in the U.S. system has two features which are constitutionally mandated: (1) only one actor can make a formal proposal, and (2) he or she can make an indefinite number of proposals. Existing work in economics and political science ignores at least one of these features....