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