Congressional Budget Office: Debt-Reduction Deal To Cut Budget Deficit By $2.1 Trillion Over Next 10 Years

By on Aug 2, 2011 in Economy, International, Politics, United States, World Comments
Congressional Budget Office
Congressional Budget Office
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The Congressional Budget Office (CBO) reportedly confirmed on Monday, August 1, 2011, that the debt-reduction deal agreed upon by the White House and congressional leaders will reduce the US budget deficit by $2.1 trillion over the next ten 10 years. This is if the lawmakers approve the plan.

Here’s an excerpt from CBO‘s letter addressed to Rep. John Boehner and Senator Harry Reid published on CBO‘s official website:

In total, if appropriations in the next 10 years are equal to the caps on discretionary spending and the maximum amount of funding is provided for the program integrity initiatives, CBO estimates that the legislation—apart from the provisions related to the joint select committee—would reduce budget deficits by $917 billion between 2012 and 2021. In addition, legislation originating with the joint select committee, or the automatic reductions in spending that would occur in the absence of such legislation, would reduce deficits by at least $1.2 trillion over the 10-year period. Therefore, the deficit reduction stemming from this legislation would total at least $2.1 trillion over the 2012-2021 period.

Source: CBO

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