Posted on 07/26/2011 3:54:11 PM PDT by RummyChick
CBO: Boehner plan cuts deficits by $850B By Erik Wasson - 07/26/11 06:03 PM ET The Congressional Budget Office has told House Speaker John Boehner (R-Ohio) that his debt ceiling fallback plan will reduce the deficit by about $850 billion over ten years.
House GOP rank-and-file have been waiting eagerly for the score since they are worried the bill would not measure up to claims made about it by House leadership. Leadership on Monday said the bill would reduce discretionary spending by $1.2 trillion over ten years.
The CBO revealed the score in a Tuesday letter to the speaker.
The score is against the latest CBO baseline as adjusted to reflect the 2011 spending cuts deal between Congress and the White House that cut $38 billion in budget authority. Those 2011 cuts have ripple effects over the budget window.
The CBO has also determined that taking that earlier deal into account, the spending levels in the Boehner plan is a $1.1 trillion cut in the deficit.
Most of the effects of the Boehner plan come from caps it imposes on discretionary spending. Next year the cap is $1.043 trillion, a $6 billion drop from current levels.
Actual federal spending outlays in the ten-year period would be reduced by $710 billion relative to that March baseline, CBO says, if the discretionary spending caps in the Boehner plan are instituted.
Overall, savings in discretionary spending is cut $695 billion, mandatory spending is cut by $20 billion, and the savings in interest equals $135 billion.
CBO also looked at other more minor provisions in the Boehner bill. One would provide extra funding for Pell Grants to students and this costs $17 billion, while another would limit other student loans saving over $30 billion.
The Boehner plan is a two-step process whereby the debt ceiling would be raised before Aug. 2 and then again next year.
The CBO score reflects part one of the process, which grants President Obama the right to request a $900 billion increase in the debt ceiling, slightly more than the amount CBO says the Boehner plan cuts from combined deficits compared to the March baseline.
Boehner this spring said Congress would only raise the debt ceiling if spending cuts exceed the amount by which the debt ceiling is raised.
CBO does not assign a score to the second phase of the Boehner plan which would require a joint committee to come up with a plan to cut $1.8 trillion from the deficit by Nov. 23.
Has the CBO scored the so-called Reid plan? Not finding anything.
You are missing the point. It depends on the baseline. EVEN BOEHNER ADMITS his plan doesn’t meet the promise and is rewriting it.
It seems the lapping up of left-wing propoganda is alive and well on FR these days.
Boehner can talk the talk
BUT HE CAN’T WALK THE WALK
EXTREME disappointment
Seem my tagline
If this is as good as boner (pronounced “bay-ner”) just think how bad it’s going to be when he gets something that obama will sign.
It’s obvious obama wants this crash. I hope the GOP calls his bluff.
Your buddy Boehner admits his plan falls short. He is rewriting it after the CBO score.
Oh by the way, how come he isn’t cutting more when he has control before the elections???
6 billion is a piece of sand in the Sahara.
OR Boehner is no better than the rest of them. All show. All show.
"Maybe I'll go to the movies... by myself."
That’s a good way of putting it/looking at it.
We are so screwed.
The baseline has already been projected out. We don’t know if we are going to go to war with Iran or China in 5 years. 911 was not included in the baseline. That’s why it is only an estimate.
However, it applies only for one year, they would have to do this all over this year. Not saying I agree with the plan, but I am sick of Freepers using the Hill to bash republicans.
“Most of the effects of the Boehner plan come from caps it imposes on discretionary spending. Next year the cap is $1.043 trillion, a $6 billion drop from current levels”
So its not cuts but caps. They can’t even finds a way to actually reduce spending today.
nationaljournal National Journal
BREAKING: Boehner to rewrite his debt plan after Congressional budget office said estimates of savings were inflated.
bahahahahahah, yes...EVEN BOEHNER ADMITS IT WAS NOT GOOD ENOUGH.
Of course, the revised won’t be much better SINCE HE CAN”T FORCE A SPENDING CUT IN THE FUTURE
Ping Ping Ping
One trillion dollar raise in debt limit now. 850 billion cut over 10 years, who is going to guarantee that these wonderful cuts take place? Oh, that’s right, they are politicians, so we can just take their word on it.
What a complete and total crock of $h!t!!!!!
I listened to Boehener on the radio today tell Rush Limbaugh that meaningful cuts won’t be possible because of all the baby boomers retiring, and that the cuts for 2012 are 7 Billion, instead of 6 Billion (Like that makes it OK), and that Obama gets his Trillion Dollar spending spree money now and we will wait years if not forever for any cuts, because that’s the way it’s done in Washington.
Epic Failure! (More likely PLANNED Failure...)
That does it for me. I want Boehener fired with the rest of them, and I want the government to undergo a limited shutdown for the duration of Obamas remaining term. They should be cutting a half a Trillion a year and de-funding one agency after another. Instead we are being offered chump change that WILL NOT EVER materialize and not a single significant cut to ANY agency whatsoever.
It’s enough to make me want to vote for Ron Paul! (Expletive deleted)
Stop the madness!
Read the article again.IT DEPENDS ON WHICH BASELINE.
And BOEHNER is admitting he is going to rewrite it based on the CBO SCORE.
The political reality appears to be there will be no significant spending cuts with the Dems controlling the Senate and the Presidency.The reality is the most the Republicans can do controlling only one house in Congress is to stop new spending initiatives and minor cuts. Most of the significant cuts will only have a chance after Obama is evicted from his current residence and if the Republicans can take the Senate in 2012.Otherwise, the irresponsible Dem party will be singularly responsible for marching this country into bankruptcy.
The bernie madoffs scheming to spend at least 8-9 trillion over next ten years...and calling it cuts!
Micro managing ninn, money whores, addicted to spending other people’s money.. r and d ...
The bernie madoffs scheming to spend at least 8-9 trillion over next ten years...and calling it cuts!
Micro managing ninny, money whores, addicted to spending other people’s money.. r and d ...
If so, I'm sure he is enjoying doing so.
If this report is true, it gives Boehner political cover to cut even more and Obama can not argue now.
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