Senate Majority Leader Harry ReidHarry Mason ReidSchumer vows to vote on Biden Supreme Court pick with 'all deliberate speed' Democrats say change to filibuster just a matter of time The Hill's 12:30 Report - Presented by Connected Commerce Council - Biden faces reporters as his agenda teeters MORE’s (D-Nev.) budget plan would cut the deficit by $2.2 trillion, less than the $2.7 trillion he’d add to the debt limit, according to congressional budget examiners.
The Congressional Budget Office (CBO) estimates Reid’s plan would reduce the deficit by $2.2 trillion over the next decade. Reid had hoped to save $2.7 trillion.
On Tuesday, GOP leaders were forced to rewrite their legislation to raise the debt ceiling when the CBO said Speaker John BoehnerJohn Andrew BoehnerDemocrats eager to fill power vacuum after Pelosi exit Stopping the next insurrection Biden, lawmakers mourn Harry Reid MORE’s (R-Ohio) proposal would only reduce the deficit by $850 billion over 10 years, instead of the $1.2 trillion BoehnerJohn Andrew BoehnerDemocrats eager to fill power vacuum after Pelosi exit Stopping the next insurrection Biden, lawmakers mourn Harry Reid MORE had estimated.
Both Senate Democrats and House Republicans are scrambling to find legislation that can be approved by both chambers before Aug. 2, when the Treasury has warned it will run out of money to pay the nation’s bills.
The CBO estimate comes from its March baseline, which takes into account spending cuts approved by Congress in a measure to keep the government operating through the fiscal year that prevented a government shutdown. Both the Reid and Boehner plans were based on an earlier CBO baseline that did not take into account those spending cuts.