From the truth is stranger than fiction department:
“Senate proposal to lift the legal limit on the national debt would slice $2.2 trillion from the federal deficit over the next decade, short of its $2.7 trillion target but far more than a rival debt-ceiling package drafted by House Speaker John A. Boehner, congressional budget analysts said Wednesday,” the Washington Post is reporting.
“The estimate by the nonpartisan Congressional Budget Office found the measure drafted by Senate Majority Leader Harry M. Reid (D-Nev.) would cut about $840 billion from agency budgets through 2021, roughly the same as the proposal by Boehner (R-Ohio). But Reid also claims significant savings from winding down the wars in Iraq and Afghanistan. The CBO found that those savings account for more than $1.1 trillion, making up more than half of Reid’s debt-reduction package.
“The new CBO report comes barely 12 hours after a similar report led House leaders to scuttle a Wednesday vote on their measure and sent them scrambling to find more savings or to reduce the $900 billion debt-limit increase included in the House bill. Boehner has demanded that spending cuts exceed any increase in the debt limit. Senate leaders, too, were expected to make adjustments to meet the dollar-for-dollar target.
“While the Senate package would reduce spending more overall, by the CBO’s accounting, it would also cut more deeply next year. The House bill would reduce next year’s budget deficit by only about $5 billion, the CBO said, while the Senate bill would trim $30 billion from a one-year deficit expected to approach $1.1 trillion.
“The CBO’s analysis Tuesday dealt Boehner’s measure a potentially devastating setback. It said spending cuts included in the House bill would save only about $850 billion over the next decade — far less than the $1.2 trillion advertised.”
The rest of the article is here.