Republicans budget cuts underwhelm as the total budget cuts they propose only reaches $32 BB
The Republicans in power have presented budget cuts amounting to a total of $32 BB, which is a drop in the bucket considering the $1.5 TT deficit this year. It is also less one third of the $100 BB that they proposed in November. This would only represent a 2.1% decrease in spending. It's something but doesn't go nearly far enough. Via NYT:
After clamoring loudly about their plans to curtail federal spending, House Republicans announced Thursday that they would cut $32 billion for the remainder of the fiscal year — a minuscule amount compared with a projected annual deficit of nearly $1.5 trillion.
The Republican proposal is effectively $58 billion less than the domestic and foreign aid programs in President Obama’s budget request for 2011 — far short of the $100 billion in cuts that Representative John A. Boehner promised before the November elections that catapulted Republicans into the House majority and made him the speaker.