Reid Plan Trumps GOP's Debt Savings

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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.