evidence: Debt limit bill would reduce budget deficits by $1.5 trillion over a decade, Congressional Budget Office says [...] The debt ceiling bill would reduce budget deficits by $1.5 trillion over a decade, according to the Congressional Budget Office’s analysis of the package, released Tuesday evening. By contrast, the debt limit legislation passed by House Republicans in late April would have cut deficits by $4.8 trillion, according to the agency. [...] According to a Congressional Budget Office analysis released Tuesday night, the bill would reduce budget deficits by $1.5 trillion over a decade. By contrast, the debt limit legislation passed by House Republicans in late April would have cut deficits by $4.8 trillion, according to the agency.