House Speaker John Boehner, R-Ohio, will be rewriting his debt limit plan after a Congressional Budget Office report showed it only reduced deficits by $851 billion over 10 years.
Republicans have vowed to reduce the deficit by more than any debt limit increase. The plan had intended to raise the debt ceiling by $1 trillion based on the assumption that the deficit reduction would be $1.2 trillion.
Recommended Stories
The lower number by the CBO means that Boehner will have to either find more savings, or reduce the amount of the debt limit increase to meet the pledge.
