Debt Ceiling: Cato Institute Says $2 Trillion in 'Cuts' Will Increase Spending by $1.8 Trillion

$2 Trillion in spending "cuts" seems to be the magic number cited by President Obama and members of Cogress in favor of raising the debt ceiling. The Cato Institute, however, released a video Wednesday explaining why those $2 Trillion might in fact be a series of smaller projected cuts over a ten year period.

According to Cato, this year's portion would only be around $200 Billion, which is still less than the interest paid on our federal debt. The video also asserts these "spending cuts" would only reduce baseline spending, ergo spending would actually increase to the tune of $1.8 Trillion overall.