Tags: Economic- Crisis | Obama Budget | Spending Showdown

Budget Pact Barely Touches Current Deficit

Wednesday, 13 Apr 2011 01:04 PM

WASHINGTON — A new budget estimate shows that the spending bill negotiated between President Barack Obama and House Speaker John Boehner would produce less than 1 percent of the $38 billion in claimed savings by the end of this budget year.

The Congressional Budget Office estimate shows that the spending bill due for a House vote Thursday would pare just $352 million from the deficit through Sept. 30. About $8 billion in cuts to domestic programs and foreign aid are offset by nearly equal increases in defense spending.

The budget deficit is projected at $1.6 trillion this year.

The CBO study confirms that the measure trims $38 billion in new spending authority, but says many of the cuts come in slow-spending accounts like water and sewer grants that don't have an immediate deficit impact.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

1Like our page
2Share
Newsfront
WASHINGTON A new budget estimate shows that the spending bill negotiated between President Barack Obama and House Speaker John Boehner would produce less than 1 percent of the $38 billion in claimed savings by the end of this budget year.The Congressional Budget Office...
Spending Showdown
133
2011-04-13
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved