Not even a deck chair on the Titanic
Posted By Russ Roberts On April 13, 2011 @ 11:50 pm In Budget Issues,Debt and Deficits,Politics | Comments Disabled
More like a slat from the chair or a piece of a slat of a deck chair. The National Journal reports [1] (HT: Drudge Report [2])
A Congressional Budget Office analysis of the fiscal 2011 spending deal that Congress will vote on Thursday concludes that it would cut spending this year by less than one-one hundredth of what both Republicans or Democrats have claimed.
A comparison [3] prepared by the CBO shows that the omnibus spending bill, advertised as containing some $38.5 billion in cuts, will only reduce federal outlays by $352 million below 2010 spending rates. The nonpartisan budget agency also projects that total outlays are actually some $3.3 billion more than in 2010, if emergency spending is included in the total.
I’m paraphrasing and it’s not my joke (maybe Don’s?) but to say that Congress spends money like a drunken sailor is to insult inebriated seamen.
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URLs in this post:
[1] National Journal reports: http://www.nationaljournal.com/budget/cbo-says-budget-deal-will-cut-spending-by-only-352-million-20110413
[2] Drudge Report: http://www.drudgereport.com
[3] comparison: http://cbo.gov/ftpdocs/121xx/doc12109/ContinuingResolutions.pdf
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