Tags: Spending Cuts

CBO: Recent Spending Bill Cuts $122B over 10 Years

Monday, 16 May 2011 06:08 PM

 

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.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Ben Carson: Obama Letting Islamists 'Destroy Us'

Sunday, 01 Feb 2015 16:26 PM

Dr. Ben Carson, an expected GOP presidential contender, said he wants to see the size of government reduced if he one da . . .

Justice Department Probes Moody's for Mortgage Deal Grades: WSJ

Sunday, 01 Feb 2015 17:32 PM

The U.S. Department of Justice is investigating Moody's Investors Services for issuing favorable grades on mortgage deal . . .

Santorum: Blue-Collar Jobs a Top Issue

Sunday, 01 Feb 2015 16:41 PM

Former Sen. Rick Santorum, a possible GOP presidential contender in 2016, said Sunday that blue-collar jobs are one of t . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved