Originally the deal between The White House and Congressional Republicans was touted for delivering $38 billion in cost savings.Then, yesterday’s analysis showed that the savings were probably just half that, since a lot of the savings came from not spending money that was never going to be spent.
Turns out, the spending cuts are even more minimal than that.
According to the CBO, via National Journal, the total savings come to a whopping… $352 million. With an M:
A comparison prepared by the CBO shows that the omnibus spending bill, advertised as containing some $38.5 billion in cuts, will only reduce federal outlays by $352 million below 2010 spending rates. The nonpartisan budget agency also projects that total outlays are actually some $3.3 billion more than in 2010, if emergency spending is included in the total.
The astonishing result, according to CBO, is the result of several factors: increases in spending, especially at the defence Department; decisions to draw over half of the savings from recissions; and cuts to reserve funds and and money for mandatory-spending programs that might never have been spent.
So yeah, total joke. This certainly doesn’t make it any easier for Tea Partiers to vote for the deal, or for Boehner to come up with another compromise when debt ceiling time comes.
The vote is scheduled for tomorrow.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.