CBO: Actual deficit reduction in budget deal just $352 million this year

The vote on last week’s deal is today. And the more details emerge, the worse the deal looks.

The Congressional Budget Office estimate shows that compared with current spending rates the spending bill due for a House vote Thursday would cut federal outlays from non-war accounts by just $352 million through Sept. 30. About $8 billion in immediate cuts to domestic programs and foreign aid are offset by nearly equal increases in defense spending.

When war funding is factored in the legislation would actually increase total federal outlays by $3.3 billion relative to current levels.

We borrow about $352 million every couple of hours.