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.
Like I have said all along, the US MUST have a financial crisis, one that shakes the USD at it's core. This country will not change course unless it is forced to. And does anyone believe that a PROJECTED cut of 352 million for next year will be realized?
Lets put this into perspective, I'll lift an example from blog "Philip Greenspun", but correct the math with the Post's update. (Thanks to Buckridge for the email)
News accounts on the latest federal budget deal gave the numbers in a vacuum, e.g., “The deal cuts $352 million from last year’s budget. It’s being called the largest domestic spending cut in U.S. history” . How can an individual voter make sense of quantities that are ordinarily written in scientific notation? I think the easiest way is to divide everything by 100,000,000 (10^8).
Let’s start with federal spending. The FY 2011 federal budget is approximately $3.82 trillion (3.82×10^12). Of that, approximately $2.17 trillion will be paid for by taxes collected and the remaining $1.65 trillion will be borrowed from our grandchildren. If we divide everything by 100 million, the numbers begin to make more sense.
We have a family that is spending $38,200 per year. The family’s income is $21,700 per year. The family adds $16,500 in credit card debt every year in order to pay its bills. After a long and difficult debate among family members, keeping in mind that it was not going to be possible to borrow $16,500 every year forever, the parents and children agreed that a family tradition of buying one $3.5 Starbucks Pumpkin Spice Frappuccino at Halloween to share would be scrapped. So now the family will have to borrow only $16,496.50 per year.
Biggest budget cut in history folks..........