Speaker John Boehner (R-Ohio) appears ready to bring his deficit plan to the House floor after revising the bill to ensure spending cuts exceed the amount the debt ceiling will be raised.
According to the Congressional Budget Office, the revised plan will cut the deficit by $917 billion over the next decade, $17 billion more than the cost of the ceiling’s extension.
In addition, the bill will require a second step, in which a $1.8 trillion in spending cuts, which will likely be found among entitlement programs.
“This bill 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,” Boehner’s office said in statement.
The Speaker had to revise his original plan Wednesday after the CBO reported that the proposal would cut spending $350 billion less than initially believed.
Although some conservative Republicans initially balked at the plan, Republican leaders have indicated that they’ve won over the support of their party and will have the votes necessary to move it through the House.
Still, the future of the Boehner plan is shaky at best. Senate Democrats have refused to vote for the bill and the White House stated earlier this week that senior advisers will recommend the President veto the legislation.
The House vote comes just six days before the U.S. reaches it’s August 2nd default deadline. The White House has continually warned that if Congress fails to raise the ceiling in time, then the U.S. will suffer dire economic consequences.