A bipartisan group of six senators is trying to forge an agreement on how to bring down the U.S. government deficit, according to Bloomberg.

The group is discussing a trigger mechanism where spending cuts and tax increases would automatically kick in if Congress doesn’t cut federal expenses or take other steps to reduce the deficit.

Private talks started last year between Democrat Mark Warner of Virginia and Republican Saxby Chambliss of Georgia.

“The first effort is to put together a comprehensive plan that really does bring down the deficit and the debt,” said Sen. Kent Conrad of North Dakota, the Budget Committee chairman and a member of the negotiating group, in an interview with Bloomberg. “We’re also considering a fail-safe mechanism to encourage Congress to make specific decisions.”

It’s unclear if the idea will have enough support to be put in legislative form or be enacted.

The federal debt is approaching its current legal limit of $14.3 trillion. A vote is looming in the next few months to raise the ceiling, which could offer a vehicle for the group to enact its plan. Republicans have said they won’t support raising the ceiling without steps to bring down the deficit.