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.
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.
