How much does the Spending Reduction Act of 2012 reduce the deficit?

CBO estimates the Spending Reduction Act (SRA) will reduce the deficit by $218 billion over 10 years through a combination of changes to direct spending and revenue.  The SRA would also reduce discretionary spending caps set in the Budget Control Act for fiscal year 2013 from $1,047 billion to $1,028 billion resulting in further savings of $19 billion.  Taken together, the total savings in the SRA is estimated at $237 billion over 10 years. 

Read CBO’s estimate for the Spending Reduction Act here.