Source: Jeanne Sahadi, Deirdre Walsh and Kate Bolduan / CNN Money
NEW YORK (CNNMoney) — With the clock ticking down, House Speaker John Boehner will rewrite his debt ceiling legislation to ensure that it meets his oft-stated pledge to cut spending more than Congress increases the federal borrowing limit.
That was the word from Boehner’s office after the Congressional Budget Office on Tuesday evening estimated that the Budget Control Act of 2011 would reduce deficits by only $851 billion over 10 years.
“We promised that we will cut spending more than we increase the debt limit — with no tax hikes — and we will keep that promise,” Boehner spokesman Michael Steel said in a statement to CNN. “As we speak, congressional staff are looking at options to rewrite the legislation to meet our pledge.”
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