‘Largest Deficit Reduction Bill in History’ — Official Estimate Shows Debt Deal Cuts More Than $2.1 Trillion in SpendingMatthew Boyle 29 May 2023 Washington, DC
The debt ceiling deal between House Speaker Kevin McCarthy and President Joe Biden would amount to, if passed and enacted into law, the largest deficit reduction bill in American history, an official estimate forthcoming from the Congressional Budget Office (CBO) will show.
Preliminary numbers from the CBO, available on Monday ahead of a formal estimate expected to be released soon, show the deal would amount to more than $2.12 trillion in spending cuts.
“Our preliminary CBO score shows that the 6 year top lines we set in this bill would amount to the largest deficit reduction bill in history, over $2.12 trillion,” one House GOP leadership aide told Breitbart News.
https://twitter.com/ArthurSchwartz/status/1663185387152371715That estimate, per Punchbowl News which published an alert on Monday announcing that, includes the two years of locked-in spending caps and four more years of optional spending caps. While those remaining four years are not statutorily locked-in in this deal, if Republicans maintain control of at least one chamber of Congress—they have the House right now, a slim majority they hope to expand in November 2024, and they have a decent shot at retaking the Senate in the next election too—they can lock these in and push for more easily.
Former House Speaker Newt Gingrich called the debt plan a major victory for Republicans and urged House GOP members to vote for the bill.
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https://www.breitbart.com/politics/2023/05/29/largest-deficit-reduction-bill-in-history-official-estimate-shows-debt-deal-cuts-more-than-2-1-trillion-in-spending/
