Tuesday, May 17, 2011

CBO: Spending Cut Deal Actually Increases Spending $3.2 Billion More in the Short Term

Are any of the current politicians in Washington actually capable of enacting a spending cut? It doesn't look good at the moment.
May 16 (Reuters) – A hard-won budget deal that was touted as the biggest domestic spending cut in U.S. history when it passed Congress last month will actually cause the government to spend $3.2 billion more in the short term, according to a new estimate released on Monday.
But the deal sets the government on track to spend $122 billion less over the next 10 years, the nonpartisan Congressional Budget Office said.

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