CBO: Revised rescissions bill would only save $1.1 billion

CBO: Revised rescissions bill would only save $1.1 billion
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President TrumpDonald John TrumpTrump says 'Failing New York Times' should be held 'fully accountable' over Russia report Trump says 'Failing New York Times' should be held 'fully accountable' over Russia report Trump tweets ICE will begin removing 'millions' of undocumented migrants MORE’s updated request to claw back federal spending, which is headed for a vote in the House on Thursday night, would only stop $1.1 billion from being spent over a decade, according to the Congressional Budget Office (CBO).
 
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The White House’s original request, released last month, targeted $15.4 billion in budget authority. The CBO estimated that the updated request would eliminate budget authority for $14.7 billion. 
 
Because most of the programs in question are expired, overfunded or otherwise defunct, taking away the budget authority will only have a minor effect on actual spending, about $1.1 billion by the CBO’s count.
 
Despite the insignificant effect the bill would have on the nation’s fiscal outlook — annual spending tops $4.3 trillion — fiscal conservatives have latched on to the rescission proposal as a symbol for tackling spending.
 
Democrats who oppose the bill say that it will affect children’s health, as roughly half the budget authority on the chopping block comes from the Children’s Health Insurance Program.
 
A previous CBO analysis found that the rescissions would not affect spending or outcomes on children’s health because the funds in question were not expected to be used.