President Obama and Congress have agreed to cut $38 billion in federal spending, right? If you go by so‐called “budget authority,” that may be true. But real spending cuts come when you actually cut real spending, not “budget authority.” Outlays in fiscal year 2011 will likely be considerably higher than last year’s outlays. That means the spending cuts advertised by President Obama and House Speaker John Boehner are laughably fraudulent. Produced by Caleb O. Brown and Austin Bragg.