Republican Debt Limit Bill To Reduce Budget Deficit By $4.8Trln Over Next Decade - CBO

(@FahadShabbir)

Republican Debt Limit Bill to Reduce Budget Deficit by $4.8Trln Over Next Decade - CBO

WASHINGTON (UrduPoint News / Sputnik - 26th April, 2023) The House Republicans' bill to reduce the national debt, also known as the Limit, Save, Grow Act of 2023 would reduce budget deficits by about $4.8 trillion over the 2023-2033 period, the Congressional Budget Office (CBO) said on Tuesday.

"In total, CBO estimates, if the bill is enacted and if appropriations that would be subject to caps on discretionary funding in the next 10 years are equal to those limits as specified, CBO's projection of budget deficits would be reduced by about $4.

8 trillion over the 2023-2033 period...," CBO said in a letter to the House Budget Committee.

Earlier in the day, the White House said in a statement that US President Joe Biden will veto US House Speaker Kevin McCarthy's debt reduction bill if it passes both chambers of Congress.

The Limit, Save, Grow Act involves finding areas of government spending to cut, recovering unspent COVID-19 relief funds, and prohibiting US President Joe Biden's student debt relief proposal. The plan is also expected to increase the debt ceiling.