{"id":1941152,"date":"2023-05-31T06:53:18","date_gmt":"2023-05-31T10:53:18","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/congressional-budget-office-releases-assessment-of-biden-mccarthy-debt-deal\/"},"modified":"2023-05-31T06:54:45","modified_gmt":"2023-05-31T10:54:45","slug":"congressional-budget-office-releases-assessment-of-biden-mccarthy-debt-deal","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/congressional-budget-office-releases-assessment-of-biden-mccarthy-debt-deal\/","title":{"rendered":"CBO assesses Biden-McCarthy debt deal."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">10<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcongressional-budget-office-releases-assessment-of-biden-mccarthy-debt-deal%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1941152&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Congressional Budget Office Assesses Biden-McCarthy Debt Ceiling Deal<\/h2>\n<blockquote><p>The Congressional Budget Office released its assessment of President Joe Biden and House Speaker Kevin McCarthy&#8217;s (R-CA) <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/we-have-to-de-weaponize-manchin-chides-schumer-for-hammering-republicans-after-debt-ceiling-vote\/\" title=\"\u2018We Have To De-Weaponize\u2019: Manchin Chides Schumer For Hammering Republicans After Debt Ceiling Vote\">debt ceiling deal<\/a>.<\/p><\/blockquote>\n<p>The assessment projected that the budget deficit would be reduced by roughly $1.5 trillion from 2023-2033, and reductions in discretionary outlays would amount to $1.3 trillion from 2024-2033.<\/p>\n<h3>Debt Limit Deal: Where It Stands and What Is Still to Come<\/h3>\n<p>&#8220;The agency\u2019s projections of budget deficits would be reduced by about $1.5 trillion over the 2023\u20132033 period relative to its May 2023 baseline projections,&#8221; the report said.<\/p>\n<p>&#8220;Reductions in projected discretionary outlays would amount to $1.3 trillion over the 2024\u20132033 period. &#8230; Mandatory spending would, on net, decrease by $10 billion, and revenues would, on net, decrease by $2 billion over the 2023\u20132033 period. &#8230; As a consequence, interest on the public debt would decline by $188 billion,&#8221; it added.<\/p>\n<p>The estimates are likely to bolster McCarthy, who has argued that the deal would lead to historic spending cuts.<\/p>\n<p>\u201cNo other <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-hardline-debt-ceiling-stance-unpopular-in-swing-districts-poll-finds\/\" title=\"Poll finds that Biden's's Hardline Debt Ceiling Stance is unhappy in Swing Districts.\">debt-limit increase<\/a> in the past decade has reduced overall spending, reduced nondefense spending and reduced the deficit. The Fiscal Responsibility Act is true, transformative spending reform,\u201d McCarthy wrote in a <strong>Wall Street Journal<\/strong> op-ed, referring to the legislative name for the deal.<\/p>\n<p>Click <a href=\"https:\/\/www.washingtonexaminer.com\/\">here<\/a> to read more from the <strong>Washington Examiner<\/strong>.<\/p>\n<p>The main feature of the debt ceiling deal for those looking to cut spending is that the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/congressional-budget-office-releases-assessment-of-biden-mccarthy-debt-deal\/\" title=\"CBO assesses Biden-McCarthy debt deal.\">bill cuts nondefense discretionary spending<\/a> next year and only allows a 1% increase for the next six years.<\/p>\n<p>The bill still faces obstacles in the House and Senate, where many have expressed a willingness to vote against it, and the possibility of default still looms.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Congressional Budget Office evaluated the debt ceiling agreement between President Biden and House Speaker McCarthy, predicting a $1.5 trillion decrease in the budget deficit from 2023-2033 and $1.3 trillion in discretionary outlay reductions from 2024-2033.<\/p>\n","protected":false},"author":1,"featured_media":1941153,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[27176,22935,16309,3715,5487],"class_list":["post-1941152","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-assesses","tag-biden-mccarthy","tag-cbo","tag-deal","tag-debt"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1941152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1941152"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1941152\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1941153"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1941152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1941152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1941152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}