WASHINGTON, May 30 (Reuters) - The U.S. Congressional Budget Office said on Tuesday its budget deficit projections would be reduced by about $1.5 trillion over the next 10 years if the debt ceiling bill now up for a vote in Congress were enacted in its present form.
The projection comes following the debt ceiling deal struck last weekend between Democratic President Joe Biden and Republican House of Representatives Speaker Kevin McCarthy.
The bill, if approved by Congress, will prevent the U.S. government from defaulting on its debt and comes after weeks of heated negotiations between Biden and House Republicans.
McCarthy has predicted he would have the support of a majority of his fellow Republicans for the deal to lift the $31.4 trillion U.S. debt ceiling, and House Democratic leader Hakeem Jeffries said he expected Democratic support.
Reporting by Kanishka Singh and Jasper Ward; Editing by Sonali Paul and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.
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