Speaker John Boehner (R-Ohio) received some much-needed good news Wednesday from the Congressional Budget Office, which credited his slightly revised deficit reduction package with cuts that exceed its debt limit increase.
The CBOís decision to use the most up-to-date baseline when scoring the original bill showed just $850 billion in savings over the next decade, and the lower-than-expected figure sent House Republicans scrambling to rewrite it. The revised version uses the same caps on spending authority while tweaking the caps on outlays ó how much agencies actually spend, not just their authority to spend ó causing the CBO to credit the revised plan with more savings within the 10-year window.
But important to Boehner, the bill now meets his original target of exceeding the size of the $900 billion debt limit increase by cutting the deficit by $917 billion, something Senate Majority Leader Harry Reidís bill does not yet do.
The Nevada Democratís package was scored at $2.2 trillion, $500 billion less than advertised. Reid said Wednesday that he intends to tweak his bill as well to find an additional $200 billion in cuts to match a $2.4 trillion increase in the debt ceiling.
But Reidís cuts include about $1.3 trillion in war savings, which the GOP called a gimmick. Boehnerís proposal includes the same war spending levels, but House Republicans say they shouldnít be counted toward deficit reduction.
After the new score, the discretionary cuts in Boehnerís bill match up almost exactly with Reidís package, a good sign for reaching a compromise agreement.
Following the speeches from elected officials, the crowd stands at long tables as they dig into BBQ, brunswick stew, cadillac rice at the Law Enforcement Cookout at Wayne Dasher's pond house in Glennville, Ga., on Thursday, April 17, 2014.