Senate Democrats

CBO: Senate Plan Cuts Debt by $1.3T More Than Boehner Plan

Today, the Senate bill to prevent a default received another boost when Congress’s official scorekeeper confirmed it will save $1.3 trillion more than the Boehner bill. And in the first year alone, the Senate plan would reduce the deficit by $30 billion, compared to the $1 billion Boehner’s plan would cut.

CBO has also affirmed: The Senate plan’s $1 trillion in savings from the Iraq and Afghanistan wars are real, undercutting the argument Republicans have tried to make that these savings are a gimmick. In fact, Republicans included these same savings in their budget and voted for them only a few months ago.

Senate Majority Leader Harry Reid’s plan is the only compromise plan out there that can avoid a devastating credit rating downgrade and a default – and now, it is the plan that will achieve the most bang for the buck in debt reduction. Unlike Boehner’s short-term patch, Reid says the Senate plan “is a long-term strategy to safeguard the economy and give the markets the stability they need.”  Time for House Republicans to pull the plug on the reckless Boehner bill and work with Democrats to prevent a default.

CBO has also affirmed: The Senate plan’s $1 trillion in savings from the Iraq and Afghanistan wars are real. And even without the war savings, the Senate proposal saves more than Boehner’s bill, by a $18 billion to $1 billion ratio.

Senate Majority Leader Harry Reid says there is no reason why the Senate plan should ultimately not pass in both chambers of Congress. Unlike Boehner’s short-term proposal, Reid says the Senate plan “is a long-term strategy to safeguard the economy and give the markets the stability they need.”

 

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