The House Budget Committee unveiled new spending caps on February 3 that they say would save at least $74 billion this fiscal year which ends September 30, but the savings are just $32 billion if measured against current spending. Those savings are less than the House Republican promise in their Pledge to America to save $100 billion dollars this year. House Republicans are basing their numbers off of the president's budget, but that budget was never enacted by Congress. The GOP plan would bring actual spending down from $1.87 trillion this fiscal year to $1.55 trillion. Details of the cuts were not announced on Thursday. The House Appropriations Committee next week will release its bill based on the spending ceiling. EPA’s budget will most likely be reduced significantly as its budget has tripled in the last three years. Note: TWIW will provide more details next week when the House bill is released.