GOP Debt Ceiling Bill: $4.8 Trillion Savings, 780K Job Loss in Year One.

The Congressional Budget Office estimates that the GOP's proposed Limit, Save, Grow Act would reduce federal budget deficits by $4.8tn over 10 years, with discretionary spending $3.2tn lower than the current baseline and mandatory spending $0.7tn lower. However, an independent economic analysis shows that the bill would reduce employment and raise the unemployment rate, especially in the near term. Moody's economists Mark Zandi and Bernard Yaros conclude that the legislation's deep spending cuts would reduce economic growth by 0.65 percentage points next year, with the employment level in the US economy lower by 780,000 at the end of 2024 compared to the "clean" debt ceiling scenario.