$38.5B Cuts in Boehner-Obama Deal Less Than 6 Percent of $653.4B In Debt Incurred Already This Fiscal Year
(CNSNews.com) - House Speaker John Boehner (R.-Ohio), Senate Majority Leader Harry Reid (D.-Nev.) and President Barack Obama agreed to deal late Friday evening to keep the government funded through the rest of fiscal year 2011, which runs through September.
Congress agreed to immediately pass a short-term continuing resolution to keep the government funded into next week and then pass another bill next week that would fund the government until Sept. 30.
The deal includes $38.5 billion in spending cuts. That equals just under 6 percent of the $653.4 billion in increased debt the government has already incurred this fiscal year, which started on Oct. 1, 2010.
On Oct. 1, 2010, the debt was $13.6108 trillion ($13,610,847,585,810.09). As of yesterday, it was $14.2646 trillion ($14,264,245,526,311.58), an increase of $653.4 billion ($653,397,940,501.49).
When Boehner became speaker of a Republican-majority House on Jan. 5, 2011, the debt was at $14.0115 trillion ($14,011,526,727,895.85). Since that day it has increased $252.7 billion. The $38.5 billion in cuts in the Boehner-Obama deal equals about 15 percent of the new debt that has already piled up in the three months since the Republicans took control of the House.