Jake Tapper and Matthew Jaffe report:
The Congressional Budget Office this week said that the Senate Democrats’ bill offers $4.7 billion in spending cuts — not the $6.5 billion that President Obama and congressional Democrats said.
After last week’s meeting on Capitol Hill among congressional leaders and Vice President Biden, Senate Democrats wrote legislation and gave it to CBO to be analyzed.
CBO put the cuts at $4.7 billion.
The bottom line: Democrats and Republicans are roughly $52 billion apart in the cuts they want to see.
-Jake Tapper and Matthew Jaffe