CBO says debt ceiling deal would cut deficits by $1.5 trillion over the next decade – Gist It

CBO says debt ceiling deal would cut deficits by $1.5 trillion over the next decade

The Congressional Budget Office (CBO) estimates that the debt ceiling deal would cut deficits by $1.5 trillion over the next decade.

Cutting the deficit: The CBO’s projection states that most deficit reduction would come from caps on discretionary spending other than defense.
* This would save an estimated $1.3 trillion over the next decade, along with another $188 billion in reduced interest costs.

Repercussions: Some parts of the agreement could worsen the federal deficit.
* A plan to cut $1.4 billion in spending on the Internal Revenue Service (IRS) would reduce tax collections by an estimated $2.3 billion, resulting in a net loss to the government of $900 million.
* Changes to the food stamp program are expected to cost the government an estimated $2.1 billion over the next decade, with new exemptions outweighing the number of those potentially dropped from the program.

View original article on NPR

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May 31, 2023

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