Big Deal ... Deficit cut

If your family were lucky enough to make $50,000 last year (about the average), in Federal terms, you spent about $88,000 and Republicans just saved you from spending about $1,033 more.

YAY, Boehner!  Not having any money to spend, a Deal has been reached to cut ~$38 Billion from $1.65 Trillion in DEFICIT spending of money that will have to be borrowed. About a two and a half percent cut.

Of the entire $3.8 Trillion requested by The President for 2011 fourteen months ago, Republicans in Congress have cut $78.5 billion … two percent!

To be sure, the Democratic Congress and President failed to do their most essential job last year:  pass a budget by September 30. Republicans in the House (and Senate), having taken office in January, completed last year’s work in only three months.

After wrapping up loose ends this week, Congress will reward itself with a two-week-vacation.

Let’s hope that Congress can get its job done THIS year: after August’s four-week vacation, they’ll have four more weeks to wrap up THIS years 2012 budget negotiations.

OMB puts the 2012 Projected Deficit [at]: $1.101 trillion, 7.0 percent of GDP.

I would put a negotiating starting point at ZERO! Of course, not even the entire “discretionary spending” side of the budget could make up that figure. Somebody ought to start over, from scratch.