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The Congressional Budget Office, the non-partisan group that provides cost and data analysis for legislation, released its findings on House Speaker John Boehner’s debt plan. According to the CBO, the Budget Control Act of 2011 would save roughly $850 billion over the course of ten years and just $1 billion in 2012.The findings disappointed Speaker Boehner who said he rewrite the bill in order to save more money.
These savings will not satisfy Boehner’s conservative and tea party base. House Republicans have demanded immediate cuts, however under Boehner’s plan the cuts would not be felt for a few years.
“Americans deserve immediate spending cuts that demonstrate that we are charting a swift path toward a balanced budget. We must implement discretionary and mandatory spending reductions that would cut the deficit in half next year,” read a May 2011 letter from the conservative Republican Study Committee.
“Any move to raise the debt limit must be accompanied by immediate spending cuts and binding reforms so that we don’t continue to push our country down the road to bankruptcy,” House Majority Leader Eric Cantor (R-Va.) said in early May.
Boehner has also made similar statements. Early this month, he rejected a suggestion by Democrats that the majority of cuts be concentrated in future years. But, his new proposal does find the immediate cuts that Boehner himself demanded. Because programs already have budgets and operating costs, spending cuts that take effect immediately are nearly impossible to achieve. A simple fact that Boehner and others from the tea party seem to forget.
“We’re here to change Washington – no more smoke-and-mirrors, no more ‘phantom cuts.’ We promised that we will cut spending more than we increase the debt limit – with no tax hikes – and we will keep that promise,” Boehner spokesperson Michael Steel said in a statement after the CBO analysis was released.
“As we speak, Congressional staff are looking at options to re-write the legislation to meet our pledge. This is what can happen when you have an actual plan and submit it for independent review – which the Democrats who run Washington have refused to do.”
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