CBO finds Biden-McCarthy debt limit deal could reduce spending by $1.5T over decade ...Middle East

The Hill - News
CBO finds Biden-McCarthy debt limit deal could reduce spending by $1.5T over decade
source : The Hill ( Middle East ) () 33
The Congressional Budget Office (CBO) on Tuesday said the debt ceiling deal negotiated by the White House and House GOP leaders could projected deficits by about $1.5 trillion over the next decade. The nonpartisan budget scorekeeper estimated in a letter to congressional leaders on Tuesday that proposed spending limits for 2024 and 2025 would trim nearly $1.5 trillion from projected federal budget deficits from 2023 to 2033. GOP leaders in the House had demanded spending restrictions in exchange for raising the debt ceiling. The legislation is headed for votes in the House and Senate ahead of a June 5 deadline set by Treasury Sec. Janet Yellen to prevent a possible default. The CBO

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