The budget deal cut late Friday by President Barack Obama, Senate Majority Leader Harry Reid (D.-Nev.) and House Speaker John Boehner (R.-Ohio) will allow $3.7555 trillion in federal spending in this fiscal year.
That is $773 billion more than federal spending was in fiscal year 2008–the fiscal year before Congress enacted a bailout for the banking industry requested by President George W. Bush and a $787-billion economic stimulus law request by President Barack Obama.
On Friday night, Boehner and Reid released a joint press statement saying that together with President Obama they had reached an agreement to cut spending in fiscal year 2011 to a level $78.5 billion below the president’s original budget request. “We will cut $78.5 billion below the President’s 2011 budget proposal,” they said.
President Obama’s 2011 budget proposal asked for $3.834 trillion in spending. Subtracting $78.5 billion from that leaves $3.7555 trillion in spending.
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