CBO: Republican Debt Limit Plan Would Reduce Deficit by $4.8 Trillion

The Congressional Budget Office (CBO) said in a report released on Tuesday that the Limit, Save, Grow Act would reduce the deficit by $4.8 trillion over the next ten years.

The CBO report found that the debt limit plan would drastically cut the growth of spending between 2023 and 2033. The nonpartisan analysis agency found:

•  The bill’s cap on discretionary funding would result in savings of $3.194.5 trillion over ten years
• Scrapping energy tax credits would save $569.5 billion
• Reducing funding for the IRS would save $119.7 billion
• Implementing work requirements [for] Medicaid, Temporary Assistance for Needy Families (TANF), and the Supplemental Nutrition Assistance Program (SNAP) would save $120 billion
• Rescinding funding for unspent coronavirus aid would save $29.5 billion
• Requiring the Department of the Interior (DOI) to conduct oil and gas leases would save $3.4 billion

House Republican leadership hopes to pass the debt limit bill this week to pressure President Joe Biden and Senate Democrats to negotiate a debt ceiling compromise.

As the debt ceiling deadline, likely in June, looms ever closer, battleground Democrats continue to fret over the president’s refusal to continue negotiating with McCarthy over a long-term deal.

To continue pressuring Democrats, the National Republican Congressional Committee (NRCC) called on 37 vulnerable House Democrats to tell Biden to work to strike a deal with the Speaker of the House.

“Voters hate Democrats who make promises in election years to do the right thing, but suddenly go mute when the country needs them to speak up. Runaway spending ballooned on Democrats’ watch and their bill has come due. House Democrats can take responsibility for their spending choices now by telling President Biden to grow up and negotiate,” NRCC communications director Jack Pandol said in a written statement last week.