WASHINGTON (AP) — Congressional budget analysts say a Senate Democratic plan to cut spending and increase the nation's borrowing authority would save $2.2 trillion over 10 years.
The Congressional Budget Office released its estimate Wednesday morning. The analysis also said the plan by Senate Majority Leader Harry Reid would save $840 billion in non-war spending by government agencies.
The analysis said it would reduce the government's interest payments by $375 billion over a decade. The bulk of the reductions come from projected savings of $1 trillion from the winding down of the wars in Iraq and Afghanistan.
The CBO analysis of the House Republican plan showed fewer savings than Speaker John Boehner promised, forcing him to revise his proposal. House leaders had to postpone a vote on the measure scheduled for Wednesday.