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Analysts: Senate plan saves $2.2 trillion

Budget analysts said Wednesday that a Senate Democratic plan to reduce the deficit and increase the nation's borrowing authority would save $2.2 trillion over a decade, more than a rival House Republican proposal but less than promised.

By Andrew Taylor | Updated on July 27, 2011

WASHINGTON (AP) — Budget analysts said Wednesday that a Senate Democratic plan to reduce the deficit and increase the nation’s borrowing authority would save $2.2 trillion over a decade, more than a rival House Republican proposal but less than promised. With both bills stuck in neutral, Congress, financial markets and the public remained on edge days before the deadline for heading off a potentially calamitous default.

The Congressional Budget Office estimated that the plan by Senate Majority Leader Harry Reid, D-Nev., would result in savings of just over $2 trillion, some $500 billion less than Reid had promised. The Senate bill, however, would save more than a House Republican proposal by Speaker John Boehner, R-Ohio.

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