Speaker of the House John Boehner's debt limit bill has been revised and is ready to be voted on, Talking Points Memo reports. The bill was forced back to the drawing board Tuesday after it lost the support of GOP members, and it failed to cut spending as advertised. Reports from Capitol Hill Wednesday indicated that a recharged Boehner reclaimed the support of the GOP who are satisfied with his latest debt deal offer. The Congressional Budget Office released its report on the revised bill Wednesday evening.
The new bill will cut spending by $917 billion dollars and raise the debt limit by $900 billion. That leaves a difference of $17 billion in savings. The bill cuts spending by $22 billion for the 2012 fiscal year, and spending will be held around the same level as the 2010 fiscal year from 2013 to 2016. The bill leaves room for the debt limit to be raised another $2.5 trillion in total. Politico reports that the changes made to the bill were "largely technical and driven more by CBO scoring methods than any real additional cuts."
NBC News' Luke Russert tweeted that the bill is scheduled to go to a vote on Thursday, and Congress has set aside four hours to debate the bill. Democrats are already promising to kill the bill. Boehner's plan "is on life support, and it's time for him to pull the plug" according to Democratic Sen. Chuck Schumer.
The Speaker's official blog said the plan is "far from perfect, but it’s a positive step forward that denies President the $2.4 trillion blank check that lets him continue his spending binge through the next election." The $2.4 trillion blank check being referred to is Senate Majority Leader Harry Reid's opposing debt bill. The blog also referred to Reid's deal as "gimmick-filled." It is difficult for Reid's bill to be a "blank check," though, when it has an amount of money and a receiver already stated.