CBO: Democrats’ debt bill tops GOP’s in spending cuts
"The Senate Democratic debt-limit bill would cut future spending by $2.2 trillion over 10 years — much deeper than the House GOP alternative, according to figures Congress‘ chief scorekeeper released early Wednesday.
The Congressional Budget Office said the plan by Senate Majority Leader Harry Reid would raise the government’s borrowing limit by $2.7 trillion, and cut $2.2 trillion from future spending, chiefly by limiting the amount of money spent on the wars in Iraq and Afghanistan.
House Speaker John A. Boehner’s plan, meanwhile, would produce just $850 billion in savings, versus $900 billion in new debt authority, according to a CBO analysis released late Tuesday. That sent the Ohio Republican back to the drawing board to rewrite his bill to try to meet his own pledge of topping any debt increase dollar-for-dollar with new spending cuts."