The joke is on us in the debt deal

August 2, 2011 05:18

[E]ven if Congress holds to the caps — and even if the “deficit reduction” targets established in the bill are achieved — the federal government’s spending binge will continue. If this is a “win” for the limited government crowd, I’d hate to see what the Beltway establishment would consider a “loss.”

by Tad DeHaven at Cato @ Liberty

The following chart looks at total projected federal spending according to the Congressional Budget Office’s adjusted March baseline and it’s score of the debt deal. The chart only considers the reduction in outlays resulting from the deal’s cap on discretionary spending, which the CBO says will save $917 billion over the next ten years.  It does not consider the $1.2-$1.5 trillion in future “deficit reduction” that Dan Mitchell discusses here.

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