The non-partisan Congressional Budget Office has offered savings projections on the separate House and Senate bills proposed this week to raise the nation's debt ceiling.
For the House Republican-proposed legislation to raise the ceiling by $2.5 trillion, the CBO estimates the bill would reduce budget deficits (PDF) by about $1.1 trillion from 2012 to 2021.
That calculation is based on the CBO's baseline in its January projections. The savings would be less—about $850 billion from 2012 to 2021—when the bill's scoring is based on the CBO's adjusted March baseline.
The CBO scored Senate Majority Leader Harry Reid's (D-Nev.) bill (PDF)—which proposes to increase the debt ceiling by $2.7 trillion—only on the office's March projection. In that calculation, the CBO determined that if appropriations in the next 10 years are equal to the caps on discretionary spending and the maximum amount is funded for certain “program integrity initiatives,” then the Senate bill would reduce deficits by $2.2 trillion from 2012 to 2021.