Senate Democrats‘ legislation to reduce the U.S. deficit and increase borrowing authority would cut $2.2 trillion from deficits, about $500 billion less than Democrats claimed, the Congressional Budget Office said Wednesday.
The non-partisan budget scorekeeper for Congress also confirmed that about half of the Democrats’ proposed savings would come from reduced costs as the United States withdraws from the wars in Iraq and Afghanistan.
Tuesday, the CBO said the Republican plan proposed by House of Representatives Speaker John Boehner would cut spending by $850 billion over 10 years, rather than the $1.2 trillion as the bill promised.
The CBO estimate has prompted Boehner to rework his legislation to identify more savings.
Overall, CBO said the Senate Democrats’ bill would reduce spending by $1.8 trillion in programs Congress reviews annually and by $41 billion in benefit programs, such as payments to farmers. Another $375 billion in savings could accrue, CBO said, in lower interest costs on the debt because of lower annual budget deficits.
There are doubts whether the Republican or Democratic plans could gain enough bipartisan support in Congress to pass.
Congress is racing against an August 2 deadline to pass deficit-reduction and debt limit legislation before the Treasury Department runs out of money to pay all its bills.
4 thoughts on “Senate Democrats overestimate deficit cuts”
I ….I am an “I” That means Independent. No party affiliation. Why are there so many of us? The latest “crisis” is exactly why.
Carl, I agree with you about dumping the House and maybe the Senate. But you must understand that this presence that we loathe is not a political presence but a spiritual indoctrination that started after WW2.
The premise is that America is the greatest nation on the planet and the people must organize under the faith of the American God who is named Jesus Christ. For years this was ignored because Americans were beginning to fall apart in their employment positions. We all were herded into wars that no one could understand. Our boys were slaughtered in Korea and then Vietnam and our vet hospitals were loading up faster than we could build them.
We saw the fight for American freedoms in 2008 when the people went for Sen. Barak Obama and he won the gold ring. The GOP did not take this lightly and armed their people with racist weapons and then a conspiracy that he was not a legal citizen. They took the opportunity to form a Tea Party to take down the House, Senate and the White House in 2012. We knew this would happen and many of us tried to warn the voters that the GOP was out of control and under the worst possible leadership of the religious right.
This morning, I realized that many journalists woke up to what was the reality of the new GOP. David Brooks, Charles Krauthammer and many others are writing up a storm in fear of what is happening to our government. I remember reading all these men who seem to have a strong opinion of keeping American independent from within and within the realm of other nations.
I stopped voting for incumbents back in 1988. I stopped voting for Republicans at the same time. I spent years fearing that my warnings were wrong but not a day goes by when I see this superstitious myth being touted by my own neighbors and on the internet.
Last night some MSNBC reporter who quoted Donald Trump as saying “Let the government fail so we can destroy Obama and bring in a new government” I hear this a lot. Was it because he is black? Few admit it but others will agree that America is not a Black Nation. To me this disqualifies any Tea Party member.
I am not alone even here in my part of the Coachella Valley. We have no problem with black, brown, gay, straight, humans of any faith, race or color. This is the reason I left Arizona and came home. Now I see the entire nation falling into a doctrine that would destroy over half the American citizens.
Our current government has failed every damn one of us. Throw the Bastards Out!!!
Partisanship has been the plague of this nation for quite some time. It’s reached epidemic proportions. This is what this entire donnybrook is about; I.E., partisan turf wars, related to future ‘pork/earmark $$’ with the citizens of this nation who pay the ‘freight’, their victims and last of their concerns.
Myself and no doubt many other Americans loathe their presence. They all need to be flushed in the next two to six year cycle no matter how good their alleged ‘track record’. No incumbents reelected ever should be the mindset of the electorate. Just think, we have six more years of the likes of Harry Reid a recently reelected Senatorial parasite along with many others in both the lower and upper house…OUCH! / : |
Carl Nemo **==
Well why not let the CBO hammer out the details from the cold hard facts and then prosecute any and all who stand before the American public and lie about the true nature of the numbers for political gain or otherwise ?
It’s still tape measure simple when the truth is applied, whether in quarters, halves, eights, or Trillions.
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