CBO: Budget Deal only cuts the deficits by $352 Million, not $38 Billion as proclaimed

The whole thing was a snake and rat show to begin with.

CBO: Budget Deal only cuts the deficits by $352 Million, not $38 Billion as proclaimed Scotty Starnes | April 13, 2011 at 8:03 PM | Categories: Political Issues | URL: http://wp.me/pvnFC-52o

The President, and the entire Congress, lied to America.

WASHINGTON — A new budget estimate released Wednesday shows that the spending bill negotiated between President Barack Obama and House Speaker John Boehner would produce less than 1 percent of the $38 billion in promised savings by the end of this budget year.

The Congressional Budget Office estimate shows that compared with current spending rates the spending bill due for a House vote Thursday would cut federal outlays from non-war accounts by just $352 million through Sept. 30. About $8 billion in immediate cuts to domestic programs and foreign aid are offset by nearly equal increases in defense spending.

When war funding is factored in the legislation would actually increase total federal outlays by $3.3 billion relative to current levels.

To a fair degree, the lack of immediate budget-cutting punch is because the budget year is more than half over and that cuts in new spending authority typically are slow to register on deficit tallies. And Republicans promise that when fully implemented and repeated year after year, the cuts in the measure would reduce the deficit by $315 billion over the coming decade.

Still, the analysis is an early lesson about Washington budgeting for junior lawmakers elected last year on promises to swiftly attack the deficit.

No mention that the Democrats who controlled both the House and Senate failed to do their job and pass a budget. It goes against WaPo's narrative.

The House began preliminary debate on the measure Wednesday with it easily advancing over a procedural hurdle by a 241-179 vote. The measure appears on track to pass the House and Senate this week before a stopgap spending measure expires Friday at midnight despite opposition from some of the GOP's most ardent budget cutters.

The budget deficit is projected at $1.6 trillion this year.

Continue reading>>>

Add a comment to this post

WordPress.com | Thanks for flying with WordPress! Manage Subscriptions | Unsubscribe | Reach out to your own subscribers with WordPress.com.

Trouble clicking? Copy and paste this URL into your browser: http://subscribe.wordpress.com

--
Thanks for being part of "PoliticalForum" at Google Groups.
For options & help see http://groups.google.com/group/PoliticalForum
 
* Visit our other community at http://www.PoliticalForum.com/
* It's active and moderated. Register and vote in our polls.
* Read the latest breaking news, and more.