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The Congressional Budget Office estimates the deal struck by House Speaker Kevin McCarthy will axe $1.5 trillion from the deficit over the next decade, while increasing the total number of individuals relying on food stamps despite new work requirements.
CBO released the estimates Tuesday after conducting an analysis of the legislation. The non-partisan agency found that overall the legislation would cut federal spending by more than $1.3 trillion through 2033.
“This will be the largest spending cut that Congress has ever voted for in history,” said Mr. McCarthy, California Republican.
