While the president’s party still controls Washington, House Republicans have dragged a reluctant Senate and White House into taking this imperfect first step toward getting spending under control. The agreement will reduce government spending by $38.5 billion over the next few months — and by hundreds of billions of dollars in the coming decade.
This is real money. And as Stanford University economics professor John B. Taylor observed, “Reducing discretionary spending in 2011 … will help establish credibility and show that government can actually take needed actions, not just promise to take them.”
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Boehner: Next fight to be about trillions, not billions – USATODAY.com.