It’s most important to focus on the immediate cuts in the deal, of course. My preliminary understanding is the number for the real year-over-year cut from fiscal year 2011 to fiscal year 2012 is $7 billion. That’s the cut defined as most people would understand it, i.e. a real reduction in spending. Then, there are the cuts from the projected levels of spending growth in the “CBO baseline.” This gets complicated and I’m not a budget wonk (obviously!), but the cut in fiscal year 2012 budgetary authority from the baseline (as agreed to in the Biden talks) is apparently $80 billion and in outlays is $24 billion. By way of comparison, I believe the real cut from fiscal year 2011 to 2012 in the Ryan plan was $37 billion. And the cut in budgetary authority from the baseline in “Cut, Cap, and Balance” was about $110 billion.