Budget Deal Cuts 10-Year Deficits By $80 Billion, CBO Says

Tourists walk past the U.S. Capitol in Washington. Photo by REUTERS/Jonathan Ernst

The U.S. budget deal under consideration by the House would reduce deficits by nearly $80 billion over 10 years due to increases in revenues and lower expenditures on health care, pension guarantees and Social Security, the Congressional Budget Office said on Oct. 28.

The legislation, which would ease automatic spending caps to increase discretionary spending by $80 billion over the next two fiscal years, would produce larger savings in later years, according to the analysis by the CBO, Congress' nonpartisan referee agency on fiscal matters.

The budget plan would show a net deficit increase of $4.6 billion in fiscal 2016 and $53 million in fiscal 2017. But this swings to annual deficit reductions of $4.9 billion to $9 billion between fiscal 2018 and fiscal 2025.

The deal would add $32.3 billion in revenues over the 10-year period, chiefly from tax compliance, health care and pension provisions, while reducing estimated outlays by $47.6 billion.

(Reporting By David Lawder; Editing by David Gregorio)

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