The FY 2011 federal budget is approximately $3.82 trillion.
Of that, approximately $2.17 trillion will be paid for by taxes collected and the remaining $1.65 trillion will be borrowed from our grandchildren.
The "deal" cuts $38 billion from last year’s budget.
Divide these numbers by 100 Million and it gives a better perspective:
We have a family that is spending $38,200 per year. The family’s income is $21,700 per year. The family adds $16,500 in credit card debt every year in order to pay its bills. After a long and difficult debate among family members, keeping in mind that it was not going to be possible to borrow $16,500 every year forever, the parents and children agreed that a $380/year premium cable subscription could be terminated. So now the family will have to borrow only $16,120 per year.
Thank you,Philip Greenspun, for making these astronomical numbers meaningful.