The Congressional Budget Office confirmed Monday that the debt ceiling deal struck by the White House and congressional leaders would reduce deficits by at least $2.1 trillion over a decade.
The CBO reports that the over the next ten years, the federal government will save $2.1 trillion by cutting $917 billion worth of spending and creating a joint committee with the goal of cutting $1.5 trillion between 2012 and 2021. (RELATED: Tax increases still on Obama’s horizon)
According to House Speaker John Boehner’s office, the $917 billion in spending cuts exceeds the $900 billion debt hike, which many Republicans consider a prerequisite for voting to raise the debt ceiling.
Sunday’s agreement will raise the debt limit in two stages.
See the report here.