GOP Plans out Spending Cuts

And it's about time. Perhaps now we can step away from the abyss and start slashing spending like Governor Chris Christie is doing in New Jersey. Unfortunately, of course, the Democrats still hold the White House and the Senate, making cuts more difficult, but the new Republican plan is a start.

To make good on their campaign pledge to reduce the size of government, Republicans say they are planning a series of quick moves to slash spending soon after they take control of the House in January. Among the likely options: a massive rescissions package that aides said would slice 20 percent from most domestic agency budgets and enact $160 billion in additional cuts endorsed by visitors to Cantor's "YouCut" Web site.

Such a package would trim more than $260 billion from this year's $1.1 trillion budget for most government operations - the biggest one-year reduction at least since the military drawdown after World War II, budget experts said.

$260 billion is good, but it's almost a trillion dollars short!

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