Behold the GOP's incredible shrinking budget cuts: Republicans claimed victory last week after striking a deal with Democrats to cut $38 billion from this year's budget. But according to National Journal's Tim Fernholz, the numbers don't add up:
The final cuts in the deal are advertised as $38.5 billion less than was appropriated in 2010, but after removing rescissions, cuts to reserve funds, and reductions in mandatory spending programs, discretionary spending will be reduced only by $14.7 billion.
An Associated Press report comes to the same conclusion:
The picture already emerging is of legislation financed with a lot of one-time savings and cuts that officially "score" as savings to pay for spending elsewhere, but that often have little to no actual impact on the deficit. As a result of the legerdemain, Obama was able to reverse many of the cuts passed by House Republicans in February when the chamber passed a bill slashing this year's budget by more than $60 billion.
…Instead, the cuts that actually will make it into law are far tamer, including cuts to earmarks, unspent census money, leftover federal construction funding, and $2.5 billion from the most recent renewal of highway programs that can't be spent because of restrictions set by other legislation. Another $3.5 billion comes from unused spending authority from a program providing health care to children of lower-income families.
The numbers just keep getting smaller, don't they? Republicans started the year demanding $100 billion in cuts. But it quickly turned out that when they said $100 billion, they were just talking hypothetically. Instead, they meant $100 billion on an annualized basis. The next we heard, Republicans were aiming to trim $61 billion. And not one penny less! Eventually, they agreed to a deal that they claimed cut $38 billion. But of that $38 billion, it turns out, the real cuts only add up to about $14 billion. Any bets on how many days before the cuts disappear entirely?