The latest report from the Congressional Budget Office (CBO) reveals that the much vaunted budget compromise, being sold as a massive cut, is actually nothing of the sort, and taking the ongoing wars into consideration will actually see 2011 spending increase somewhat over the previous plan.

The data shows “non-emergency appropriations” falling nearly $38 billion on paper, but that this would translate into only $352 million in actually spending cuts compared to the previous estimates.

Even this vanishes immediately when one considers that “non-emergency appropriations” doesn’t include the billions of dollars the administration will throw into contingency funds for the Afghan War. This included, the 2011 discretionary spending actually increases by $3.3 billion under the new “cuts.”