For The Record

"The administration has fulfilled a promise to cut spending by trimming $100 million from the 2009 budget. That's right -- $100 million with an 'm,' an imponderably small slice of this year's expenditures. Back in April, the White House stressed that President Obama, during his first Cabinet meeting, 'made clear that relentlessly cutting out waste was part and parcel of their mission to make the investments necessary for recovery and long-term stability.' Department heads were 'to identify at least $100 million in additional cuts to their administrative budgets.' Three months later, he has gotten his wish: The White House announced on Monday that the goal has been reached. To say such a cut is negligible is an exaggeration in the extreme. To fit that description, a cut first has to be visible. Though it was initially promoted as a seminal moment, this cut doesn't come close to meeting even the most reachable of benchmarks. In fiscal 2009, our federal government will spend nearly $4 trillion, according to the Office of Management and Budget's historical tables. The $100 million cut represents 0.0025% -- less than one one-hundredth of 1% -- of those outlays. ... Now, thanks to the administration's 'relentless' belt-tightening, the deficit will be $1.79999 trillion rather than $1.8 trillion." --Investor's Business Daily