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CBO: Recent spending bill cuts $122B over 10 years
Posted: May 16, 2011 6:16 PM by Gene Cotton
WASHINGTON (AP) - A new government report estimates that the big spending bill passed into law last month will cut the deficit by $122 billion over the next decade - less than half what senior lawmakers predicted.
Speaker John Boehner had touted the legislation as reducing the deficit by more than $300 billion over a ten-year span. The Ohio Republican pointed to an analysis by a Senate aide in promising that the $38 billion in cuts this year would translate into $315 billion over a decade.
The Congressional Budget Office study also says that, because of military spending, the bill negotiated between Boehner and President Barack Obama actually increases the deficit this year by $3.2 billion.
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