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The Protecting American Taxpayers and Homeowners Act would cut the federal budget deficit by $5.7 billion over the next 10 years, according to the non-partisan Congressional Budget Office.

“The PATH Act not only ends the bailouts of Fannie Mae, Freddie Mac and FHA, preserves the 30-year fixed mortgage and helps consumers buy homes they can afford to keep, CBO reports it also cuts our budget deficit by $5.7 billion,” said Financial Services Chairman Jeb Hensarling (R-Texas) in a statement on Wednesday.

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