The nonpartisan Congressional Budget Office, the Capitol's official budget scorekeeper, weighed in with good news for supporters of the debt deal Monday: it does cut deficits by $917 billion over 10 years, with the possibility of at least $1.2 trillion more.
Those are virtually identical to the numbers being touted Sunday night, when the White House and congressional leaders sealed the deal. But CBO's analysis is always crucial, and Monday, the office confirmed the deal should do as advertised.
CBO found that deficits would drop $21 billion in the next fiscal year and $42 billion thereafter. Most of the reductions would come from cuts, but over 10 years, some $156 billion in interest will be saved.
To read the CBO report: http://www.cbo.gov/ftpdocs/123xx/doc12357/BudgetControlActAug1.pdf