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TALLY Reid Plan Trumps GOP's Debt Savings J. Scott Applewhite / AP Photos

Reid Plan Trumps GOP's Debt Savings

Though it’s not quite the amount he expected, Senate Majority Leader Harry Reid should be pleased with the Congressional Budget Office’s analysis of his debt-ceiling plan. According to the CBO on Wednesday, Reid’s plan, which is backed by Senate Democrats and President Obama, would shave $2.2 trillion off the deficit over 10 years—nearly three times the amount estimated in Republican Speaker John Boehner’s proposal. Still, Reid himself had originally estimated the savings at $2.7 trillion. Reid’s plan involves no new taxes, but pins significant savings on withdrawals from Iraq and Afghanistan.

July 27, 2011 9:39 AM