Fox News spent a good portion of today running wild with the GOP talking point that the Congressional Budget Office undermined its December 19 and 20 estimates that the Senate's health care reform bill would reduce deficits by $132 billion during the first 10 years, with continued deficit reductions in the ensuing decades.

For example, FoxNews.com advanced the Republican spin under the headline, “Senators cite new budget letter to argue health care bill will hike deficit.”

Problem for Fox News: The Congressional Budget Office actually reaffirmed its support for its estimate. Sen. Max Baucus noted on the Senate floor that day that he had received an email from CBO standing behind the earlier figure and explicitly stating that the memo pushed by Republicans and Fox News did not alter the earlier estimate:

BAUCUS: CBO says, CBO and the staff at the Joint Committee on Taxation estimate that the legislation would reduce the federal budget deficit by $132 billion during the ensuing period. Next, CBO expects the legislation will reduce federal budget deficits during the decade beyond 2019 relative to those projected under current law with a total effect during that decade in a broad range of one-quarter percent and one-half percent of GDP. Of course, we know that's about $650 billion to $1.3 trillion. That's CBO. Today.