Kudlow’s Money Politics

Cantor: There Is No $33B Deal

House Majority Leader Eric Cantor just told me in a CNBC interview that there is no deal on budget cuts for the continuing resolution. “Well, I can say with definite answer, there is no deal,” he said. “So, yes, there’s a lot of talk about some number being out there. That number is not the $61 billion we’re looking for.”

A bunch of news stories today reported on a $33 billion deal to cut spending from the current-year budget. Vice President Joe Biden has been bandying this about, and at least some Senate Democrats have used it.

But Mr. Cantor steadfastly denies the deal. Earlier today, Speaker Boehner also said there was no deal.

The Tea Party Patriots group is massing out of the Capitol in a demonstration aimed at keeping the House Republicans’ spending-cut backbone completely upright. This is good. Because actually, that $33 billion spending-cut number includes the $10 billion cut from the two prior CRs. So the new number is only $23 billion.

And in round numbers, the GOP needs $60 billion or so to get back to the 2008 baseline, which was their original pledge.

Mr. Cantor emphasized bringing the spending levels back to 2008. So he added, “Nobody is rallying around that $33 billion number. That number is not a number that I subscribe to.”

The full interview with Eric Cantor will be shown tonight at 7 p.m. EST on CNBC.

Larry Kudlow is the author of JFK and the Reagan Revolution: A Secret History of American Prosperity, written with Brian Domitrovic.

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