The non-partisan Congressional Budget Office (CBO) Wednesday evening released its score of House Speaker John Boehner’s revamped plan to cut spending and increase the debt ceiling.
The prognosis: the new version is a vast improvement.
According to the CBO, Boehner’s cuts now exceed the amount by which his plan would initially raise the debt ceiling. The analysis concludes that his proposal would cut and cap spending by $917 billion over ten years — slightly more than the $900 billion and first debt ceiling increase permitted under the Boehner plan. (GOP leaders to conservatives: ‘How could you?’)
It would also cut $22 billion in spending over the next year, and reduce discretionary expenditures each year thereafter. Boehner’s new plan also requires Congress to propose at least another $1.8 trillion in spending cuts.
Wednesday saw the GOP whip count raise considerably in Boehner’s favor. Senate Majority Leader Reid, however, said that no Senate Democrat will vote for the plan.