Debt and budget bill saves more than $2T
WASHINGTON (AP) — A new study says the debt and budget bill backed by President Barack Obama and congressional leaders would save taxpayers at least $2.1 trillion over the coming decade.
The Congressional Budget Office analysis says the initial down payment of spending cuts — tight "caps" on the operating budgets of Cabinet agencies like the departments of Defense and Education — would produce more than $900 billion in savings over 10 years.
The rest of the savings would come from a special bipartisan committee that would make recommendations for the rest of Congress to vote on later this year. There's no way to predict what the panel will come up with, but CBO credits at least $1.2 trillion more in savings because the legislation contains a special enforcement mechanism.