New: A preliminary CBO estimate found that the Fiscal Response Act – the debt-limit package set to be voted on by Congress this week – could cut spending by $2.1T if proposed budget caps are left in place for full 6 years, per GOP sources

— John Bresnahan (@bresreports) May 29, 2023

[That’s a big “if,” of course, but it does show the scope of the deal. These cuts are substantial. — Ed]