The Associated Press (as carried by the Washington Post) reported on a Congressional Budget Office report of the purported $38 billion cut deal reached by House Republicans, Senate Democrats and Barack Obama last weekend, and found that not only is the actual outlays authorized only a (wrongly-estimated) $15 billion cut, but that the impact to the deficit is…wait for it…
…Wait for it…
$352 million (this on a roughly-$1,600,000 million FY2011 deficit).
But wait, it gets worse. While I haven’t been able to find the CBO report referenced by the AP, I did find a 1-page estimate of the FY2011 discretionary spending amounts in the deal. Take a good look at the number at the lower-right corner – $1,364,714 million (or if you prefer, $1,365 billion after rounding to the nearest billion). That is the total amount of outlays that will take place in FY2011, including $76 billion for “emergencies”. In FY2010, the federal government had $1,347 billion in discretionary outlays.
Fucking brilliant, Boehner. I hope this deal fails and the government shuts down, then I hope somebody primaries Boehner right out of his district.
Revisions/extensions (6:34 pm 4/13/2011) - Somehow forgot the link to the article. Fixed.
R&E part 2 (9:25 pm 4/13/2011) - National Journal dug up (H/T – Dad29) a further document from the CBO comparing the total discretionary spending outlays in the “deal” to those called for in all the previous continuing resolutions for this year. Roll tape of the bottom-line projected full-year outlays of the continuing resolutions that had ending dates in 2011:
- The CR through 3/4/2011 – $1,361 billion
- The CR through 3/18/2011 – $1,360 billion
- The CR through 4/8/2011 – $1,359 billion
- The CR through 4/15/2011 – $1,368 billion (fucking brilliant – a $9 billion increase just to “save” the federal government for a week)
Oh, did I forget to mention that even HR1, the supposed
$100 billion $61 billion non-security discretionary-spending cut, had a total projected discretionary outlay of $1,356 billion (once again, higher than FY2010’s $1,347 billion)?
R&E part 3 (3:30 pm 4/14/2011) - (H/T – Jeff Dunetz) The CBO explains how, assuming Congress doesn’t simply add all the spending back in, there MIGHT be a cumulative $20 billion-$25 billion in actual spending reduction over the next decade versus doing nothing. Of course, once one figures inflation into that, even the $25 billion in savings down the road won’t match the $18 billion in new spending today.