The First Round Of Cuts

Aug 1, 2011 7:08am

The first round of spending cuts in the deficit deal will be between $900 billion and $1 trillion over the next 10 years.

This will be achieved by capping the rate of growth of the discretionary budget — with a firewall between security-related spending (Pentagon, Homeland Security, State Department) and non-security-related spending, to make sure at least $350 billion comes from the former category.

So in terms of specific cuts — that will be up to Congress. But how much Congress can spend has been capped.

Read more about the deal HERE.

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