CBO: Budget Deal Savings Boil Down to a Measly $352 Million

So much for that $38.5 billion budget cut. The Congressional Budget Office says the net reduction is a wimpy $352 million.

As the Washington Post reported:

"The Congressional Budget Offices analysis shows that the compromise does cut nearly $38 billion in whats called 'budget authority.' That means that, in all, government agencies would have that much less permission to spend federal money.

"But that is not the same as stopping spending right now. It appears much of that budget authority would not have been used until later years -- if ever."

If Congress is feeling a bait and switch, there's no indication that lawmakers will withhold final approval of the budget package Thursday. Democrats, obviously, are fully on board.

A few Republican congressmen, including Florida Republicans Allen West and Steve Southerland, say they will vote no, but many others maintain it was the best deal available.

Rep. Tom Rooney, R-Tequesta, told Sunshine State News:

The deal isnt perfect, and it didnt cut as much spending as I would have liked, but in the end, Democrats still control the Senate and President Obama is still in the White House.

"In his State of the Union address, President Obama called for more spending, and Majority Leader Harry Reid said on the Senate floor he opposed any spending cuts because they might affect cowboy poetry festivals in his home state.

"For Speaker [John] Boehner to be able to pull his two fellow negotiators, who were so adamantly opposed to any cuts at the beginning of this debate, two-thirds of the way to our goal of $61 billion shows you what a tough negotiator he is.