Harry Reid Debt Ceiling Plan Would Save $2.2 Trillion: CBO
WASHINGTON - The Senate Democratic plan to raise the debt ceiling would slash spending cuts far deeper than House Speaker John Boehner's proposal, according to a letter sent to Senate Majority Leader Harry Reid (D-Nev.) by the official congressional scorekeeper on Wednesday morning.
Reid's plan would reduce the deficit by $2.2 trillion over the next decade, the nonpartisan Congressional Budget Office said. Boehner's would trim just $850 billion, the CBO said Tuesday night. The speaker was forced to pull his bill from the floor ahead of a planned Wednesday vote in the wake of the unimpressive score. The score CBO gave Reid's bill makes passing Boehner's bill -- which every major Tea Party group has deemed it insufficient -- more challenging for the Republican leader. Reid's plan includes no tax hikes or additional revenue, a demand Republicans have stuck to.
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