Originally published on Mon August 1, 2011 10:46 am
The independent Congressional Budget Office has finished scoring the budget compromise reached by President Obama and Congressional leaders, yesterday.
In a letter to House Speaker John Boehner, the CBO reports that because of budget caps, the legislation would reduce budget deficits by $917 billion between 2012 and 2021 and because of spending cuts, it would reduce the deficit by $1.2 trillion. That's a $2.1 trillion cut over the next ten years. Using another projection, it found the cuts could amount to at least $2.3 billion.
The letter from the CBO is a fairly readable outline of the plan. It gets into specifics, like for example how the plan allocates money for 2012 and 2013 spending on Pell grants or how the plan saves money by modifying some elements of student loans.