Speaker of the House John Boehner (R-Ohio) has released the details of the revised House Republican debt ceiling plan:
The Congressional Budget Office (CBO) has released its analysis of the revised Budget Control Act of 2011 today, and CBO’s analysis confirms that the spending cuts are greater than the debt hike – affirming that the House GOP bill meets the critical test House Republicans have said they will insist upon for any bill to raise the nation’s debt ceiling. Specifically, the CBO analysis confirms the Republican plan will:
•Cut and cap spending by $917 billion over 10 years – that’s more than the $900 billion debt hike;
•Cut $22 billion in spending for FY2012 and hold spending below FY2010 levels until FY2016;
•Continue reducing discretionary spending each year compared to President Obama’s budget (by $96 billion in 2012, $118 billion in 2013, $115 billion in 2014, $117 billion in 2015, and so on); and
•Require Congress to draft proposals that produce reductions of at least $1.8 trillion that help protect programs like Medicare and Social Security from bankruptcy.
Republicans adjusted their spending cut bill after a lower-than-expected score from CBO. This updated analysis confirms what others are saying: the Republican plan “changes the trajectory of spending” and “would keep the debt cutting process going.” Unlike Senator Reid’s gimmick-filled plan, the Republican proposal includes real spending cuts and reforms that will restrain future spending – and the spending cuts are larger than the debt limit increase.
This bill is far from perfect, but it’s a positive step forward that denies President the $2.4 trillion blank check that lets him continue his spending binge through the next election.
This coincides with a leadership source’s earlier confirmation to Right Turn that a vote would be held tomorrow in the House on the new plan. The changes should certainly give cover to those conservatives holding out to the bitter end for the bet deal possible. The debt ceiling raise is the same as the first version while the total mount in cuts is greater ($850 billion to $917 billion). Moreover, by loading the bill’s spending cuts up front it addresses the concern that future Congresses might not deliver on this Congress’s progress. The White House, like the far right blogosphere, must be glum, indeed.