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New CBO Analysis Reaffirms Backers' Claims About Spending Cut Agreement
A new analysis released this morning by the nonpartisan Congressional Budget Office (CBO) reaffirms the numbers that backers of the imperfect spending cut agreement have been using. The new CBO analysis confirms the bill:
- Will reduce budget outlays by $20-25 billion, clearing a path for the Path to Prosperity budget put forth by Budget Committee Chairman Paul Ryan (R-WI), which cuts trillions more.
- Will immediately reduce budget authority by nearly $40 billion versus fiscal year 2010, stripping the Obama Administration of its “license to spend” nearly $40 billion that could otherwise have gone to government programs and projects. This is $79 billion less than the President’s original request.
The above numbers have been reaffirmed by CBO, reinforcing congressional estimates indicating that the bill will cut hundreds of billions of dollars from the federal budget over the next decade – an estimated $315 billion in deficit savings over 10 years.