By Wyatt Earp | April 14, 2011
According to the CBO, it’s all smoke and mirrors. The actual budget cuts won’t come anywhere near the numbers that Congress, the Senate, and Obama promised us.
You may not know – or care – what this means, so I’ll put it in its simplest terms: It’s over. Spending will continue to increase, cuts will decrease, taxes will rise, and we will be bankrupt within a decade.
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 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.
Ace summed up the “apocalypse” fairly succinctly:
$352 million, with an m, in cuts. What the government spends in… oh, it’s like $6 billion a day, so $352 million is what the government spends in about an hour and twenty minutes.
That change people voted for? You’re gonna get it. America will soon be Greece.