“the administration is also counting $848 billion in phantom savings from winding down the wars in Iraq and Afghanistan, even though the administration had long made clear those wars would end.”
That makes sense…but doesn’t really. It’s not phantom savings. It’s real:
WaPo: In the Congressional Budget Office’s projections of future spending, that money is in the deficit projection.
So when you hear people in Washington say that we’re facing large deficits over the next decade, they’re including those war costs.
So you can say that cutting that spending — which makes expected savings into law — is a spending cut, or you can say the deficit projection was inflated by the war costs, and as such, we need less deficit reduction than we thought.