House Republican leaders have agreed to a key conservative demand that they make good on their campaign pledge to reduce fiscal 2011 spending to $100 billion less than President Barack Obama’s budget request, GOP aides said Wednesday.
According to a GOP leadership aide, Majority Leader Eric Cantor (R-Va.) and other leaders are working with Republican appropriators, the Republican Study Committee and other conservatives on a “unified” strategy to reduce spending beyond the $74 billion in cuts they had already planned. The cuts, which would only apply to non-defense discretionary spending, would come as part of a continuing resolution to fund the government between March and the end of the fiscal year…
It remains unclear how Republicans will make the additional $26 billion in cuts.
Consider this a correction of my earlier post, where I said the GOP had initially proposed only $58 billion in cuts. If you’re wondering what the extra $26 billion means in practical terms, let’s bust out the calculator and do some math. Assuming CBO’s projected deficit this year of $1.5 trillion, i.e. $1,500 billion, we’re slipping $4.1 billion deeper into the budgetary hole every single day. Note well: That’s not federal spending per day, that’s what’s being added to the deficit per day. Cutting an extra $26 billion will thus erase a little less than … one week of new liabilities. That’s what the big “revolt” is over.
Via RCP, say it with me: The deficit is too damn high.