A new budget estimate released Wednesday shows that the spending bill negotiated between President Barack Obama and House Speaker John Boehner would produce less than 1 percent of the $38 billion in promised savings by the end of this budget year.
How Washington Cuts $38 Billion in 5 Simple Steps:
1. Announce spending bill that claims $38 billion in cuts
2. Wait for CBO to announce it only cuts $353 million1
3. Realize you only do 0.0093% of what you say2
4. Divide $38 billion by 0.0093% to get necessary target3
5. Round to the nearest trillion and announce result
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