We’re hearing it now cuts $917 billion over ten years under the more recent CBO baseline. So under $1 trillion. On the other hand, the cuts are apparently more front-loaded: $20 billion in real cuts in the first year.
UPDATE: Clarifying: We’re told the cut is $22 billion in fiscal year 2012 from the adjusted CBO baseline, and $42 billion in fiscal year 2013. Most of the change has to do with a technical adjustment one of our budget experts will have to explain. The new version preserves the 1:1 match in the first tranche of the debt increase, which leadership considers a very important benchmark for members. Leadership sounds increasingly optimistic about passage and even outsiders opposed to the Boehner plan have been predicting privately today that it will pass.