Well, instead of spending roughly 1.5 trillion more than comes in, each year, the average is to now spend only 1.25 trillion more per year, than comes in. So, roughly speaking, yeah, a 2.4 trillion increase in the debt limit runs out in about 2 years, and Congress is right back where we are today, except deeper in debt, and hemorrhaging.
Exactly. At a cut rate of $240B/yr you hit the new debt ceiling in only two years. In spite of the fact that it "sounds" good, this doesn't work.