CBO: Reid Debt Ceiling Plan Cuts $2.2 Trillion

Last night, the Congressional Budget Office reported that Speaker of the House John Boehner’s (R-OH) debt ceiling plan would cut $850 billion from the federal budget over ten years, less than the $1.2 trillion that Republican leaders had been claiming. This morning, the CBO released its analysis of Senate Majority Leader Harry Reid’s (D-NV) debt ceiling plan, and found that it cuts $2.2 trillion (including about $1 trillion in savings from winding down the Iraq and Afghanistan wars). House Republicans canceled a vote on the Boehner plan today, and are rewriting it to find additional cuts.