BUDGET 2011: CUTTING THE DEFICIT WITHOUT REALLY CUTTING

Parsing Rhetoric on Government Spending, Savings from Budget Deal Will the bipartisan deal with the intention of shaved $38.5 billion as of the central budget for 2011 immediately affect the soaring deficit so many Americans say they're worried about.

The answer is not really, according to the nonpartisan Congressional Budget Office, a group of accountants along with analysts who study the plans. The agency says the much-touted deal, approved Thursday, will only set aside $352 million through the end of the fiscal year a tiny division of the $1.4 trillion the U.S. has spent beyond its means.

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