US CBO: budget deficit projections to be reduced by $1.5 trln over decade if debt bill enacted

The U.S. Congressional Budget Office said Tuesday its projections of the budget deficits would be reduced by about $1.5 trillion over the 2023-2033 period relative to its May projections, if the debt ceiling bill were enacted in its present form.

The projection follows the weekend debt ceiling deal struck between Democratic President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy. A vote on the deal is expected on Wednesday.