Obama's 'cuts': He's already spent it all

The Union Leader editorializes on the President's proposed budget cuts, comparing the $100 million in proposed savings to the trillions going out the door from the new Administration:

Now, we like the President's cuts. Yet we couldn't help but notice that they total the exact same amount of money the President had set aside two days earlier for microlending projects in Latin America and the Caribbean.

The fact is, the President has already spent all of the "saved" money and more. (Fully $80 million of the $100 million in microlending will be borrowed because Washington doesn't have it.) The President's budget puts the government $1.2 trillion in debt this year alone.