Debt ceiling agreement limited deficit spending and reduced overall spending by $1.3 trillion

(Scott, “CBO says debt ceiling deal would cut deficits by $1.5 trillion over the next decade,” pg online @ https://www.npr.org/2023/05/31/1178995328/debt-ceiling-cbo-house-vote-mccarthy-biden-spending-deficit //um-ef)

Congressional bean counters estimate that an agreement to limit government spending in exchange for raising the federal borrowing limit would cut federal deficits by about $1.5 trillion over the next decade. The forecast comes as House lawmakers are preparing to vote on the measure Wednesday after President Biden and House Speaker Kevin McCarthy agreed on the deal over the weekend. Absent congressional action to lift the debt limit, the government could run short of cash in less than a week, leading to devastating consequences for global markets and the global economy. Most of the estimated reduction in the deficit from the deal would come from caps on discretionary spending other than defense — a relatively small slice of the overall federal budget Limiting that spending for the next two years would save an estimated $1.3 trillion over the next decade, with another $188 billion in savings from reduced interest costs, according to the projections from the Congressional Budget Office released late Tuesday.