The bill put forward by House Speaker John Boehner (R-Ohio) to reduce spending and raise the debt-limit will, by all accounts, be brought to the floor for a vote this evening. However, speculation remains as to whether the Speaker will have enough votes to pass the so-called Budget Control Act of 2011 on to the Senate.
After the first draft of the bill failed to cut the deficit by an amount equal to or higher than the amount it raised the debt limit, the Congressional Budget Office (CBO) has concluded that this incarnation of the bill does what it says it would.
“The Congressional Budget Office (CBO) has released its analysis of the revised Budget Control Act of 2011 today, and CBO’s analysis confirms that the spending cuts are greater than the debt hike — affirming that the House GOP bill meets the critical test House Republicans have said they will insist upon for any bill to raise the nation’s debt ceiling,” read a post on the Speaker’s blog.
The cuts fall below the previously stated goal of $1 trillion, amounting to only about $915 billion according to the CBO. However, because Boehner’s bill raises the debt limit by $900 billion, Boehner seems confident that the bill can pass now — if he can get the Republican votes.
“We do not have the votes yet,” Boehner said in a closed meeting of House Republicans this morning, according to POLITICO. “But today is the day. We’re going to get it passed.”
“[Senate Majority Leader Harry] Reid has said Boehner’s plan would be ‘dead on arrival’ but that he could incorporate elements of it in a way that could win support from both parties,” read an article for Reuters.