Cutting 1/100th Of A Budget Replete With Borrowed Money Is A Big Wow

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This is like me saying I have to cut $60 from my annual spending. This is the best they can do? Let’s cut a trillion and then I’d be impressed.

Editorial: $33 Billion In Budget Cuts? Chump Change

Posted 06:43 PM ET

Budget: Congressional negotiators have trumpeted a “breakthrough” in budget talks that will yield $33 billion in spending cuts. Sorry, but we’re not impressed.

We’ve done the math on this, and the $33 billion in cuts amounts to just 0.89% of expected spending of $3.7 trillion this year. It is just 2.2% of the deficit.

In short, it’s a pittance, so minuscule in the grand scheme of things it can’t be taken seriously. Put another way, the deficit this year will equal 40% of the budget. This “cut” would reduce that to 39%. It’s not enough. Read more here: investors

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