Much ado about the debt

Posted on July 17, 2011 by

From Market Ticker comes the truth about Cut, Cap, and Balance:

The federal deficit this year is some $1,600 or $1,700 billion, depending on who you ask. It may, in fact, be higher since the game-playing going on right now at Treasury is hiding some of the debt. This is not an outlier – here are the deficits for the last several calendar (not fiscal) years:

So this means that the plan calls for cuts of approximately $800 billion, right?

Well, no. Not even their own referenced link does that!

The Hill, May 11 – House conservatives want to cut the budget deficit in half next year and reduce spending by as much as $381 billion.

$381 billion is less than half of what actually has to be cut to meet the promise. So the lie is right there in plain sight.

But now, if the LA times is correct, it’s even worse. It’s not $800 billion, it’s not $381 billion, it’s $111 billion, or approximately one eighth of what would actually meet the claim they’re making.