CBO Estimates Debt Ceiling Deal Will Cut Debt By $1.5 Trillion

Breitbart ^ | 05/30/2023 | John Carney

[ChicagoConservative27]

The debt-ceiling deal negotiated by President Biden and Speaker Kevin McCarthy will reduce the U.S. government’s debt by $1.5 trillion over the next decade, the Congressional Budget Office estimated Tuesday.

In a letter to Rep. McCarthy (R-CA), CBO director Phillip Schwagel said the agency projected the deal’s caps on discretionary spending in 2024 and 2025 would reduce outlays by $1.3 trillion over the next 1o years. Mandatory spending would fall by $10 billion. Revenues are projected to fall by $2 billion due to cuts to funding for enforcement by the Internal Revenue Service. Interest on the public debt would decline by $188 billion.

[ChicagoConservative27]

I want the money back from Ukraine too...

[Pikachu_Dad]

How much if this reduction is more than 2 years out - where a new Congress can completely overide it?

[texas booster]

...reduce the U.S. government’s debt by $1.5 trillion over the next decade ...

Umm, no.

Besides, $150 billion per year (most of which comes in the last couple of years) is a rounding error to this government.

[Lurker]

“How much if this reduction is more than 2 years out - where a new Congress can completely overide it?”

Pretty much all of it.

As usual.

L

[Brian Griffin]

Ladies and gentlemen:

If you give me $40,000, you’ll be $15,000 better off.

I could be wrong, but I’m willing to give it a try.

B. Griffin

[AnthonySoprano]

.
CBO is all Deep State - and the truck is, when everyone moves on, they revise their ESTIMATE.

Been doing it for 20 years.

.

[Captain Peter Blood]

That is optimistic BS. The CBO is never been right about any projection they have ever made in the last 60 years.

[MinorityRepublican]

reduce the U.S. government’s debt by $1.5 trillion over the next decade.

Irrelevant. We're not stupid. McCarthy should lose his gavel for this.

[Dogbert41]

There was a time when we had to take courses by the Secret Service on how to recognize counterfeit money because it was such a threat to the value of our currency. Boy, those days are gone!

[AnthonySoprano]

[Nextrush]

Those pallets were emptied a long time ago.

[AnthonySoprano]

[E. Pluribus Unum]

Clown-world budgeting.

[Fungi]

Bingo. Pure unadulterayed crap. We are headed for a massive breakdown of the entire banking and civil sector, it will come very soon. And I do not mean to be a “roman soldier.” It is inevitable. The debt will never be repaid, fiat money owed to our private “federal reserve,” which is not a fedeal agency. Stop pretending.

[AnthonySoprano]

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CBO was 30% off on Obamacare.

30% !

.

[adorno]

I want the money back from Ukraine too.

Why not undo the entire war, and have all the Ukrainians and Russian dead come back to life. All of he destruction that Russia brought to Ukraine can also be just as easily undone. Let's undo the Russian invasion and be done with it.

No invasion, no money wasted, no dead, no destruction, and we'll all get back to normal. It's all so easy...

[joma89]

This is just another lie. It slows the accummulation of debt at best.

[AnthonySoprano]

.
They could’ve stopped this today - and Republicans Voted for $4 Trillion to the old geezer.

Border, IRS, and FBi double standards were all ignored just six months after it was their Platform to gain the House.

[C210N]

Debt Ceiling Deal Will Cut Debt By $1.5 Trillion

This does NOT MEAN that the $32T will be $30.5T.

NOT AT ALL!

It DOES mean that, with yearly $3T deficits, after 10 years, instead of having a debt of $62T, it will ONLY be $60.5T.

[C210N]

The debt will never be repaid, fiat money owed to our private “federal reserve,”...

Exactly. Folks here would do well to learn more about the Grace Commission, creation of the FED in 1913, what was Jekyll Island all about, the Titanic "sinking", how fractional reserve really works, the debt "trap", etc, etc, etc.

But, they won't.

You can no longer tell people. They MUST be shown, now.