CBO: New Debt Deal Would Cut Deficits By $2.1 Trillion

According to an analysis by the non-partisan Congressional Budget Office, the debt deal brokered by the White House and Congressional leaders will cut deficits by $2.1 trillion over the next 10 years. $917 billion in deficit reduction would come from caps on discretionary spending, with another $1.2 trillion coming from either a package agreed to by the super committee that the legislation creates or from the “triggers” (automatic spending reductions) that go into effect if the committee can not come to an agreement.