With confusion mounting over the actual spending cuts in last Friday's budget deal, the Congressional Budget Office has released a new analysis estimating that the measure would reduce actual outlays by $20 bilion to $25 billion over the next decade.
The negotiated spending cuts would reduce what's known as "budget authority" by $37.7 billion relative to what it otherwise would have been under the 2010 budget. However, outlays would decrease by less than that amount.
According to the CBO (see PDF):
Many of the reductions in budget authority for mandatory programs would have little or no effect on outlays in 2011 or future years. As a result, the estimated change in cumulative outlays under H.R. 1473 ($20 billion to $25 billion) is less than the reduction in 2011 budget authority ($37.7 billion). The vast majority of the $20 billion to $25 billion reduction in projected outlays would fall in the five-year period spanning fiscal years 2012 through 2016, with a small amount occurring over the 2017-2021 period.