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CBO scores Boehner plan, predicts that it cuts deficits by $850B over 10 years
http://thehill.com/blogs/on-the-money/budget/173679-cbo-boehner-plan-cuts-deficits-by-840b ^ | 7/26 | wasson

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.


TOPICS: Government
KEYWORDS: boehner; cbo; debt; debtceiling; debtlimit; default; obama
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1 posted on 07/26/2011 3:54:21 PM PDT by RummyChick
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To: RummyChick

Doesn’t even equal the hike..and none of it is enforceable on a future Congress.


2 posted on 07/26/2011 3:55:45 PM PDT by RummyChick
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To: RummyChick

LOL

So, they increase spending by what 25 Trillion over the next decade or two and save 1.2 Trillions !!!???

LOL

The RINO/GOP CANNOT be serious !?

Here`s the plan: Adopt the 2008 spending levels. EASY.


3 posted on 07/26/2011 3:57:11 PM PDT by Para-Ord.45
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To: RummyChick

And that is why the Boehner bill won’t stop a downgrade.


4 posted on 07/26/2011 3:57:27 PM PDT by EBH ( Whether you eat your bread or see it vanish into a looter's stomach, is an absolute.)
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To: RummyChick

What will the Federal Government spend IN TOTAL in 2011?

Under the Bohner plan what will it spend in 2012?

If it’s 1$ more the republicans folded, the democrats win, and there is virtually no chance of turning things around (before the crash).


5 posted on 07/26/2011 3:57:45 PM PDT by DManA
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To: RummyChick

Just announced on Foxnews that Boehner doesn’t have the votes for his current proposal and are rewriting it. Keep it up Tea Partiers!!!!!!


6 posted on 07/26/2011 3:57:45 PM PDT by Road Warrior 04 (I miss President Bush greatly! Palin in 2012! 2012 - The End Of An Error! (Oathkeeper))
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To: RummyChick
$850 Billion in cuts over 10 years. Small beer.

What happened to the promise of at least $1 of cuts for every $1 of debt limit increase?

FAIL

Time to be finished with the Republicans!

7 posted on 07/26/2011 3:58:10 PM PDT by CatoRenasci (Ceterum Censeo Persae Esse Delendam -- Forsan et haec olim meminisse iuvabit)
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To: Bushbacker1

BAHAHAHHAHAHAHAHAH

oh my gosh - it hurts

LAUGHING SO HARD

THIS part here

$850 billion over TEN years.

BUHAHAHAHAHAHA

No brainer Boehner. THIS IS A LOSING DEAL.

NO

NO

NO

NO

NO

How stupid do you think we are?


8 posted on 07/26/2011 3:59:48 PM PDT by silentknight
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To: Para-Ord.45

tweets
CNBC CNBC
GOP Staff Review Options For Debt Bill After Lower-Than-Expected CBO Score-DJ #DEBT

politico POLITICO
David Rogers reports — CBO: Boehner bill comes up short: http://politi.co/pDTd8Q

jamiedupree Jamie Dupree
CBO estimates depend on which budget “baseline” is used; read it yourself at http://is.gd/MfwWZ0

samsteinhp Sam Stein
CBO determines that Boehner bill would save $850b over 10yrs compared to March baseline; $1.1t over 10yrs compared to Jan baseline

chucktodd Chuck Todd
Also House Dems very confident that they’ll lose less than 5 votes to Boehner 4 his plan. Maybe even fewer. Heavy lift for @GOPWhip
4 minutes ago
»
Chuck Todd
chucktodd Chuck Todd
And now if Boehner and Reid can’t make deadline, whispers of last-ditch short-term raise, 30 days or less, to buy more time to negotiate
6 minutes ago
»
Chuck Todd
chucktodd Chuck Todd
Boehner and Reid are negotiating but sticking point for 2nd phase of debt ceiling raise is similar to Obama-Boehner split from last week


9 posted on 07/26/2011 4:00:13 PM PDT by RummyChick
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To: RummyChick
"...will reduce the deficit by about $850 billion over ten years."

This is a joke, right? $85 billion per year off a $1.6 trillion yearly deficit? Pathetic! May as well let Obama spend all he wants. It isn't gonna matter...

10 posted on 07/26/2011 4:00:13 PM PDT by avacado
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To: RummyChick

I will be calling my Congressman in the morning to inform him that if this bill passes the House I’ll be looking for a third party to support because the GOP has no interest in conservatives.


11 posted on 07/26/2011 4:00:24 PM PDT by Oshkalaboomboom
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To: RummyChick

I thought Bonehead and Cantor said it would cut 1.7 billion over 10 years (which is chump change to begin with). Now we are learning about the lies Bonehead and Cantor have been puking on the airwaves. Thanks for the article rummychick.


12 posted on 07/26/2011 4:00:38 PM PDT by tennmountainman
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To: Bushbacker1

AND keep in mind - they are assuming NO NEW WARS. They are ASSUMING we see economic GROWTH.

Check out the history of the last decade and then come back with some numbers.

We are so screwed.


13 posted on 07/26/2011 4:01:31 PM PDT by silentknight
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To: RummyChick

EPIC FAIL
Boner you weenie.
This is simple: CUT CUT CUT... and CUT AGAIN!
(Just like we’re all doing at home)


14 posted on 07/26/2011 4:01:49 PM PDT by sillsfan (Reagan and Sarah are right- WE win, they lose!)
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To: avacado

ibenjaminbarnes Benjamin Barnes
oof .. RT @KellyO: After CBO score, @SpeakerBoehner office says they will rewrite bill to keep their promise..Score fell short of cuts

brittcaan brittney caan
RT @TPCarney: Still waiting for the CBO score on Obama’s plan. Can’t find it anywhere.

JazzShaw Jazz Shaw
Fortunately, Boehner’s bill will cut loads and loads and loads from spending this year. At least a billion. http://bit.ly/n60jsG

StevenTDennis Steven Dennis
Sens Paul, Lee, DeMint, Vitter send letter to House Rs strongly opposing Boehner plan, say it “all but guarantees a U.S. downgrade.”


15 posted on 07/26/2011 4:02:36 PM PDT by RummyChick
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To: tennmountainman

Boehner has been playing us for fools all along. Many people predicted this.

Fool me once........


16 posted on 07/26/2011 4:02:36 PM PDT by silentknight
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To: RummyChick

It was a joke and a sham to begin with and it is still a joke and a sham. Politicians are too corrupt to change.
They are more interested in being in office than the health and well being of the nation. That is the fact of life.


17 posted on 07/26/2011 4:02:47 PM PDT by mulligan
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To: Para-Ord.45

Adopt the 2008 spending levels and then CUT MORE!


18 posted on 07/26/2011 4:03:20 PM PDT by Fledermaus (I'm done with political parties. The GOP is useless. Anarchy is perferable to this CRAP!)
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To: RummyChick

Big whoop.


19 posted on 07/26/2011 4:03:52 PM PDT by Jane Long (2 Chron 7:14)
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To: RummyChick

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.


20 posted on 07/26/2011 4:04:17 PM PDT by Perdogg (0bama got 0sama?? Really, was 0sama on the golf course?)
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