evidence: The legislation is a compromise between Republicans, who wanted larger spending reductions, and the White House, which wanted no spending cuts in a debt limit bill. House Republicans had passed legislation in late April that would have reduced projected budget deficits by $4.8 trillion over 11 years, according to the nonpartisan Congressional Budget Office. The bipartisan deal would reduce deficits by $1.5 trillion over 11 years, but that also assumes that Congress follows through on nonbinding spending caps after 2025, CBO said. The Penn Wharton Budget Model estimated that the legislation would reduce federal spending, not including interest spending, by about $1.3 trillion over 10 years. But the reduction could be $234 billion or as high as $1.8 trillion, depending on whether Congress enforces discretionary spending caps in the last eight years of that budget window. [...] The overall cap would rise to $1.606 trillion in fiscal year 2025 — $895 billion for defense and $711 billion for nondefense — for an overall increase of 1% compared with FY2024.