John Stossel has a useful post on his blog available here. From his post:
Spending won't be cut at all. It's only a "cut" compared to increases the CBO "assumed". Imagine if you ran your budget that way. Dinner conversation might go like this: "Since we're so deep in debt, I've decided to cut spending next year. Instead of a new Lexus, I'll buy a Dodge." . . .
John Stossel shows how little changed government spending will be from the Debt Ceiling agreement
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