CBO: White House $15.2 Billion Rescissions Bill Only Reduces Deficits by $1.3 Billion
May 17, 2018 – The White House’s much-ballyhooed package of proposed spending cuts, submitted to Congress on May 8 and then introduced in the House as the bill H.R. 3 on the following day, proposes to rescind (cancel) $15.2 billion in appropriations from fiscal year 2017 and prior years. But the nonpartisan Congressional Budget Office has estimated that the package will only reduce federal deficits by $1.3 billion over the next ten years.