Spending won’t be cut at all. It’s only a “cut” compared to increases the CBO “assumed”. Imagine if you ran your budget that way. Dinner conversation might go like this: “Since we’re so deep in debt, I’ve decided to cut spending next year. Instead of a new Lexus, I’ll buy a Dodge.”
The most I can say for this week’s compromise is that, for once, politicians didn’t make the problem worse.
But it’s time for real cuts that would balance the budget — like the ones I proposed last week.