A federal budget compromise that was hailed as historic for proposing to cut about $38 billion would reduce federal spending by only $352 million this fiscal year, less than 1 percent of the bill’s advertised amount, according to the Congressional Budget Office.
Although that analysis dampened enthusiasm for the deal among many Republicans on Thursday, the House and the Senate approved the measure with bipartisan support. President Obama is expected to sign the bill Friday, officially ending the prospect of a government shutdown.
The findings from the budget office warned that the deal may never come close to delivering on its promises. The analysts found that $13 billion to $18 billion of the cuts involve money that existed only on paper and was unlikely to be tapped in the next decade… (more)
