Barack Obama is poised to announce $1.1tn (£687bn) in budget cuts tomorrow in a 10-year deficit reduction plan to avert a budget crisis and silence the conservative opposition.
So, $110 billion a year, on average. Current deficit (yes, deficit, not debt or spending) is $1.4 trillion. So he\’s cutting the deficit by 7.9 % a year.
Total spending is around the $3 trillion mark, meaning spending is being cut by 4 % ish.
And the national debt is some $14 trillion, meaning he might cut 0.8% off that (umm, cut 0.8% off the rise in it actually).
Tight fisted bastard with other peoples\’ money, ain\’t he?