Michael B. Duff

After a brutal 18-month battle, House Republicans have finally passed their historic Fiscal Responsibility Act — a bill that promises to reduce the rate of increase in government spending by .05 percent by 2016.

Democrats have universally condemned the bill, insisting that these cuts occur at the expense of the poor and elderly. A Senate version, expected to reduce spending by .01 percent in 2018, is expected to be out of committee by October.

President Obama has promised to veto the bill, saying that he will not balance the budget on the backs of the poor, calling this, “the most egregious act of fiscal brutality” since Ronald Reagan cut spending by 1 percent in 1989.

These bills are not expected to affect the second round of European bailout talks, scheduled for August.

Boehner and the House Republicans have announced a 38-state “We Listened!” tour that will begin next week.