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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.
My views are plain.
No, I am not some Gov't flunkie as you seem to think, not a Boehner employee...far from it. I form my own opinions.
As far as your "3 or 4 posters". Lol. I've seen a lot more people than that in agreement with my views today. So So you can take your tin foil off. I'm definitely not the only one who doesn't hold your view.
Glad Demint thinks you and Boehner are full of it.
FiestaBuckeye Tim Adams
Jim DeMint: “John Boehner has abandoned Cut-Cap-Balance Act & is now pushing new plan that is near identical to one proposed by Harry Reid.”
He said he had the votes to pass this bill, even before the CBO score came out. It really does not matter if the cuts are 850 billion oe 2 zillion. They are phantom future cuts. They will never happen. What has happened is once again Bonehead says one thing and the facts (CBO Score) says another. Allen West and Paul Ryan stuck their neck out in support, before the CBO scores came out. They look like the fools.
Nice mouth you have.
Good luck and God speed to those who take time out of their day tomorrow for the rally. Give em hell!
But it doesn't make sense that Boehner would say he had the votes - he has not ever said that before I don't think.
Then for Cantor and West to come out, before they see the plan... it's very strange.
I continue to hope that there is a plan that is not yet evident.
I suppose if something bad does pass that it can be pinned on dems and we still have upper hand in nov 12.
I strongly believe he is positioning for a run at the White House down the road..with a third party if he has to.
He is building a Tea Party Base.
Taking on the RINO establishment is a tough thing to do...but then so was taking on the British.
AJentleson Adam Jentleson
FIVE Senate GOP “nos” already on @SpeakerBoehner plan—not as many as in his own caucus but getting there:Graham,Vitter,Demint,Paul,Lee #DOA
http://charlestonteaparty.org/an-important-message-from-sen-jim-demint/
I have to stop typing right now. I am getting so mad I will get banned if I go further.
Then for Cantor and West to come out, before they see the plan... it’s very strange.
Whats strange is that u (Bonehead and Cantor)would come out and strong arm conservatives before the CBO scores came in. Plus he wanted the bill voted on tomorrow. Where is the time for the debate?
Why is he acting like Nancy Pelosi and rushing this bill through? They have had months to prepare these bills. I agree. Strange, very strange.
Everyone is incredibly frustrated, but part of that is they don't understand the problem
Social Security is 21% of the budget.
Medicare is 14%
Medicade is 10%
Unemployment/disability is 13%
Defense is 19%
Interest on the debt is 9%
IOW, 86% of the budget is treated as being off limits. Entitlements have to be reformed and that won't get done right now.
Correct...Obama dangled it but disingenuously paired it with tax increases.
The Ryan plan deals more with Medicare. I want to see this current deal debt get done soon so Ryan's ideas can start being debated.
No doubt Ryan's ideas won't be enough for many conservatives, but we have to keep moving the ball down the field.
Look at the scope of the problem. Entitlements are close to 60% of the budget, defense is 19%, and interest on the debt is 9%. The Rats want to push the Pubs into a vote that cuts entitlements and obama then veto's it. They need the issue to stay in power. Our Speaker is actually trying to come up with a solution that reforms entitlements with the Rats signing on to it.
———The Tea Party congresscritters are holding to their promise of decreasing spending and are causing headaches for the establishment Republicans.———
First Art Laffer, for whom I have tremendous respect, on Cavuto and then tonight on the Fox panel, Charles Krauthammer laid it out. The Republicans can not prevail in the manner most (including me) desire. They lack the political power. They did what they could, they laid powerful markers.
The solution to the problem will occur in November 2012 when the Republicans have a chance at the Presidency and both arms of congress. The election is the proper place to resolve the issue (Laffer) because only power can prevail and win the issue.
The statements are realistic assessments of the struggle. The fiscal conservatives can not prevail because they lack the clout. We have seen numerous examples of legislation passed that died in the Senate.
So that being true, and it is, the struggle boils down to gaining or losing the power. That is what is underway, a struggle for the power post November 2012.
Both sides are dragging the other through the slime. Presently the President and I suppose the Democrats seem weakened in the public opinion. The continuation of that trend is the only meaningful goal and outcome.
In the end the can in some form will be kicked down the road. That is the only feasible outcome. How far is now the issue under debate
It’s the RINO version of “created or saved” x number of jobs...
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