As advertised, House Republicans late Friday unveiled a legislative proposal to cut discretionary spending by billions of dollars starting next month, through the end of the fiscal year in September.
You can download a summary of the proposed cuts here (PDF). These numbers could grow more severe during a spending debate on the House floor next week. Even if they don’t, House Republicans face stiff opposition from the Democratically controlled Senate, which will demand the proposal be scaled back.
Reaching an agreement that satisfies both chambers and the White House could easily drag past March 4, when current funding for the federal government expires. If it does, Congress would either have to pass a short-term extension of current funding, or touch off a government shutdown.