House Budget Committee Settles on $32 Billion in FY 11 Cuts

February 3, 2011 | By Liza Casabona | Post a Comment

The debate over spending levels for the rest of the current fiscal year ratcheted up a notch today. According to its website, the House Budget Committee will set the spending cap for the remainder of fiscal year 2011 at $1.055 trillion.

For those of you following along at home, that amounts to a cut of $32 billion (given spending levels of $1.087 trillion in the stopgap measure currently in place until March 4) and not the $55 billion to $100 billion estimates that were being floated by various Republican factions during and immediately following the midterm elections.

GOP pledges about just how much they would cut spending levels have varied wildly. At the high end was the $100 billion that House Republicans pledged to cut in the run up to the elections that swung the balance of power in their favor. The conservative caucus in the House known as the Republican Study Committee has continued to push for that level of spending cuts since the election. House GOP leadership, on the other hand, have been estimating cuts in the neighborhood of $55 billion to $60 billion.

In announcing the final levels today, House Budget Committee Chairman Paul Ryan, a Republican congressman from Wisconsin, said that the cuts will put an end to “Washington’s spending spree.”

While $32 billion is still a sizable chunk of change to lose from the pipeline for FY 2011, it’s arguably better than watching $100 billion dry up.

What do you think? Will the pain of a $32 billion spending cut still cut too close to the bone? Are you feeling the pinch already?

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