WASHINGTON — The $38 billion in spending cuts agreed to last week won't keep this year's budget deficit from setting another record high, estimated at $1.5 trillion.
The Treasury Department reported today that the deficit has already reached about $830 billion through the first half of the budget year.
Details of the budget cuts are emerging, and they show that most of the cuts either affect only future budgets, or amount to accounting gimmicks that won't reduce actual spending.
The agreement allowed the White House to save some favorite programs, including Pell grants for college students, health research and "Race to the Top" aid for public schools.
The head of an influential House Republican panel says he'll oppose the budget deal. Jim Jordan of Ohio says while some of his GOP colleagues will support the compromise, he believes "voters are asking us to set our sights higher."
Obama, meanwhile, is expected to insert tax increases back into the budget debate when he outlines his new deficit cutting proposals tomorrow.