$862 Billion Over 10 Years

by Andrew Stiles

That’s how much the House Republican plan to cut $61 billion in non-defense discretionary spending over the next seven months would actually reduce the deficit. By lowering the initial spending baseline (however slightly), and thus reducing the need to keep borrowing — and paying interest on — money from China, et al., the savings would eventually add up to quite a substantial sum.

$61 billion x 10 years (+ interest) = $862 billion

Sen. Chuck Schumer (D., N.Y.) says: “[Republicans'] fervor for spending cuts is not grounded in deficit reduction at all. Instead the far right wing has deliberately confused two separate issues. They’ve conflated reducing the deficit — which is not their true priority — with cutting government — which is.”

Sen. Jeff Sessions (R., Ala.), ranking member on the Senate Budget Committee, explains why he’s wrong:

The GOP bill (H.R. 1) was defeated in the Senate today by a vote of 44-56.

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