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April 14, 2011

CBO: Obama-Boehner Budget Deal Adds $3.3 Billion to Deficit Rather than Saving $38 Billion

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The CBO has now come out with slightly different calculation of the purported "savings" created by the Obama-Boehner budget compromise (Hat tip - James Joyner).

From the WaPo: CBO: Budget deal cuts this fiscal year's deficit by just $352 million, not $38 billion touted:

(Via the AP) 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 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.

When war funding is factored in the legislation would actually increase total federal outlays by $3.3 billion relative to current levels.

So in other words, as big a sham as we already knew the deal to be, turns out it's even worse.

Posted by Richard at April 14, 2011 9:48 AM



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