Baselines and Balance
Posted by Gene Sperling on August 1, 2011 at 4:07 PM EDT

The budget deal sets the stage for balanced deficit reduction. It immediately makes a down payment on deficit reduction of more than $900 billion by limiting discretionary spending and sets up a new Joint Congressional Committee charged with recommending $1.5 trillion in additional deficit reduction by the end of the year. As the President has said, that deficit reduction should be balanced and cut tax loopholes and expenditures just like it cuts traditional spending.

http://www.whitehouse.gov/blog/2011/08/ ... nd-balance