Did you hear the news? Paul Ryan, House Budget committee chairman (R-WI) is going to formally file major spending caps in conjunction with approval of the proposed continuing resolution to fund the government for the remainder or the current fiscal year. There are 7 months left in the current fiscal year. Only in Washington would you wait 5 months into your fiscal year before you address a ballooning shortage of money to cover your expenses. Now the Obama battalion is again howling about the sky will fall if the continuing resolution isn't approved. Everything is a gotta-do-it-or-else situation with them.
But Ryan will propose a top line spending limit of $1.055 trillion dollars for the remaining 7 months of the fiscal year. This amount is $74 billion lower than Obama's proposed spending limit for the same 7 months.
Ryan is proposing $58 billion dollars less spending on non-security discretionary spending and $16 billion less spending on security matters than Obama wants.
If the budget was cut at this rate for a full 12 months the dollar amount saved would have been around $100 billion. We'll see what kind of a "food fight" Ryan's proposal creates. Obama isn't going to quietly shut up and sit in the back of the bus on this issue. But the Republicans better live up to their campaign promise to reduce spending to 2008 levels. And I see 2008 levels as the starting point. Slice and Dice sounds very good to me.
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