The WSJ reports today that a
new analysis by the Congressional Budget Office suggests that the 2011 spending deal struck by Republicans and Democrats late Friday would save only about $352 million this year, a small fraction of the $38.5 billion touted by negotiators on both sides.
The nonpartisan budget office for Congress reports that the two sides succeeded in cutting the government's spending authority for this year by the larger amount. But because some of the cuts would be slow to take effect, and because some of the money was unlikely to be spent in any case, the reduction in actual "outlays" would come to a small percentage of the announced amount.
Not to mention, of course, the President himself.