The White House says this budget will mean $4 trillion in savings over the next decade—but that’s a result of gimmicks and accounting tricks. Roughly $2 trillion have already been enacted, while Obama counts $1 trillion from money that would never be spent on the wars in Iraq and Afghanistan as savings. The White House also takes $1.2 trillion of cuts from last summer’s Budget Control Act, and replaced them with tax hikes — calling this additional savings.
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