CBO says debt ceiling deal would cut deficits by $1.5 trillion over the next decade

House Speaker Kevin McCarthy speaks to members of the media at the U.S. Capitol in Washington, D.C., on May 24, 2023. The House is set to vote on a debt deal on Wednesday. (Kevin Dietsch/Getty Images)

Congressional bean counters estimate that an agreement to limit government spending in exchange for raising the federal borrowing limit would cut federal deficits by about $1.5 trillion over the next decade.

The forecast comes as House lawmakers are preparing to vote on the measure Wednesday after President Biden and House Speaker Kevin McCarthy agreed on the deal over the weekend.