US CBO: debt ceiling bill to cut $1.5T from deficit over decade

WASHINGTON -The U.S. Congressional Budget Office said on Tuesday its budget deficit projections would be reduced by about $1.5 trillion over the next 10 years if the debt ceiling bill now up for a vote in Congress were enacted in its present form.

The projection comes following the debt ceiling deal struck last weekend between Democratic President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy. A vote on the deal is expected on Wednesday.

U.S. debt ceiling deal to face its first test in Congress

The agreement would suspend the debt limit through Jan. 1, 2025, cap spending in the 2024 and 2025 budgets, claw back unused…

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