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.