Received a video clip link from Family Security Matters wherein Congressman Paul Ryan justifies why he voted for the raising the debt ceiling. Was a bit chagrined when therein I learned that the cuts to, what I surmise are, the fy2012 and fy2013 budget outlays amount to only $21 billion and $46 billion respectively. What?! I thought we were talkin’ about $240 billion per year over ten years?
Well, of course, this requires an update to my handy Jim Dandy budget forecasting spreadsheet, so here it is:
So, after cutting only $21 billion out of fiscal 2012 outlays, we can still get past the election without having another debt limit crisis. Such a deal! The problem is we’ll be at least another $1.34 trillion in debt.
As I get more detail on the “Deal” I’ll update the number crunching and pass it along.
Have a good evening.
Ciao, Dennis