So what's the deal?

In which your blogger and everyone else in Washington searches for information about what the fiscal year 2011 agreement contains.

Details are starting to emerge about the deal struck between Congress and the President to complete funding of the current fiscal year (FY 2011). These details must be considered tentative, since they must first be set down in legislation, which must in turn pass the House and Senate, and be signed by the President before April 15. This could get confusing, since the FY 12 budget is also coming before the House this week, and the White House plans to release a document detailing still more proposed cuts.

Overall, the FY 11 deal includes $37.7 billion in cuts from previous spending levels. Of that amount, $1.1 billion would come from an across-the-board cut spread evenly across all discretionary programs with the exception of those in the Defense Department. It isn’t yet clear what this will cost research funding agencies.

Mandatory spending programs will take a hit of $17.8 billion, including more than $2 billion in transportation project funding.

From the White House blog of April 9:

“This [FY 11] deal cuts spending by $78.5 billion from the President’s FY 2011 Budget request -- the largest annual spending cut in our history. These are real cuts that will save taxpayers money and have a real impact. Many will be painful, and are to programs that we support, but the fiscal situation is such that we have to act.

The two sides agreed to cut $13 billion from funding for programs at the Departments of Labor, Education, and Health and Human Services as well as over $1 billion in a cut across non-defense agencies, forcing everyone to tighten their belt.“

The White House also reports that this compromise allows robust investments in NSF, even though its planned budget doubling will not occur, and that money to implement the new Health Care Reform law remains intact.

More updates coming soon!