The budget/debt ceiling stalemate continued Wednesday as the Congressional Budget Office, found separate House and Senate proposals falling short of the savings claimed by their authors.
First, the CBO concluded out that the plan presented by Rep. John Boehner, R-Ohio and speaker of the House, failed to save as much as claimed. Then the CO said the same for the plan presented by Sen. Harry Reid, the Senate majority leader.
The Boehner plan, the CBO said, would save approximately $840 billion over a 10-year period from 2012 to 2021 when compared with March 2011 spending levels.
Reid’s plan, the agency said, would cut more than $2.2 trillion from the budget; $500 billion less than advertised.. In addition, Reid’s plan avoids having to have another debt ceiling argument before 2013, while Boehner’s requires another confrontation in early 2012, with a hike in the debt ceiling then contingent on additional tax cuts.