John Boehner claimed his plan would save $1.2 trillion and put us on the path towards a sound fiscal footing.

The Congressional Budget Office (CBO) just weighed-in and says that’s bullhockey.

Total deficit reduction in 2012? About $1 billion — out of a $1.65 trillion deficit. Next year’s savings? $16 billion. The year after that? $56 billion. The most we ever get is $153 billion in deficit reduction, and that’s 10 years from now.

Total discretionary spending cuts for 2012? $4 billion. The most savings we ever find in one year amount to $111 billion, again 10 years from now. This year’s budget is projected at $3.82 trillion.

All discretionary cuts combined amount to just $695 billion — far less than Boehner said. And that’s over 10 years. It’s nothing compared to our deficits and debts. He cuts just $20 billion in mandatory spending.