So it’s not actually cutting the budget. In fact, it’s not even a total freeze on the federal government’s budget. He’s just freezing discretionary spending for a period of three years.

This after he increased the annual deficit from $400 billion to $1.4 trillion in a period of 12 months. And our monthly deficits are now totaling $200 billion, meaning we’re on track for $2.4 trillion annual budget deficits.

But hey, we’re not going to increase or decrease discretionary spending for a few years. Everyone party.

In his budget for Fiscal Year 2011, to be presented on Monday, February 1, President Obama will propose a three-year hard freeze on non-security discretionary spending, to last from 2011 through 2013.

This will save $250 billion over the next decade, senior administration officials told reporters. By 2015, non-security discretionary spending will be at its lowest level as a component of the nation’s Gross Domestic Product in 50 years…

This category – roughly one-seventh of the overall budget, or about 1/3rd of total discretionary spending — is generally what people think about when they say they want Washington, DC, to rein in spending, a senior administration official said. They don’t mean Medicare, Social Security, or defense spending, the official said.

In response to the announcement, Michael Steel, a spokesman for House Minority Leader John Boehner, R-Ohio, said, “given Washington Democrats’ unprecedented spending binge, this is like announcing you’re going on a diet after winning a pie-eating contest. Will the budget still double the debt over five years and triple it over ten? That’s the bottom line.”

So it’ll save $250 billion over a period of 10 years, or $25 billion per year. Again keeping in mind that we’re running $200 billion deficits…each and every month. Fiscally responsible!