With a vote approaching on a deal to raise the debt limit, the Congressional Budget Office announced this morning that it would cut discretionary spending by $25 billion in 2012. If that number seems familiar to you, it's because the discretionary cuts in the negotiated deal are exactly the same as in House Speaker John Boehner's plan that passed the House last Friday.
While the overall numbers are the same for discretionary cuts, the new deal will place more of the burden on defense cuts. The CBO doesn't break down the numbers in that much detail, but you can read more about the defense spending compromise here.
Overall, when you add up the 10 years of discretionary cuts, reduced interest, $20 billion in mandatory spending savings, and minimum $1.2 trillion in deficit savings to come out of the Joint Congressional committee or triggers, the CBO says the plan will reduce deficits by at least $2.1 trillion over 10 years.