CBO: Recent Spending Bill Falls Short on Cuts

Ad Feedback

New information released by the Congressional Budget Office reveals the government is not saving as much money as earlier predicted.

The big spending bill passed into law in April will cut the deficit by $122 billion over the next decade, less than half of what top lawmakers promised at the time.

Lawmakers had claimed their cuts would result in $315 billion in savings over the next decade, a prediction based on a Senate aide's study.

The CBO also said that increased military spending will raise the deficit by $3.2 billion this year.

The U.S. Treasury has the ability to avoid a default for now, but legislation to lift the so-called debt limit must include significantly greater cuts than last month's spending bill to avoid it in the future.

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.