NEWS FLASH
CBO: Boehner’s Debt Ceiling Plan Reduces Deficits By $850 Billion | A report released today by the Congressional Budget Office shows that Speaker of the House John Boehner’s (R-OH) plan for raising the debt ceiling would reduce deficits by $850 billion over ten years, less than the $1.2 trillion that Republican leaders had been claiming. About $695 billion in cuts come from the implementaton of discretionary spending caps, while about $175 billion in savings comes from needing to pay less interest on the national debt.
Update
Boehner is reportedly rewriting the plan to find additional cuts.
Update
The White House, while still voicing opposition to Boehner’s plan, is defending his numbers, saying that the plan does indeed cut $1.1 trillion.
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