By Jeremy Bloom | 16 April 2011, 13:10 BST
The deal - to cut a total of $39 billion - was announced Friday, but those devlish details had to be worked out. Negotiators worked nonstop through the weekend and late into the night last night, and released the plan this morning (PDF).
On the environmental front this budget is much better than it could have been, with reprieves for many programs the Republican plan would have axed.
But there's still a lot of pain.
Deficit hawks such as Mike Pence (R-IN) and Michelle Bachman (R-MN) are threatening to vote "no" on their own budget bill, annoyed that a big chunk of the savings come from what they are calling "accounting tricks".
The Associated Press reports these include:
"... cuts to earmarks, unspent census money, leftover federal construction funding, and $2.5 billion from the most recent renewal of highway programs that can't be spent because of restrictions set by other legislation. Another $3.5 billion comes from unused spending authority from a program providing health care to children of lower-income families."
Expect a big push from the Tea Party to get the faithful to withhold their votes.
"We pay anywhere between $3.5 billion to $5 billion per day in interest alone on our debt," Dallas Tea Party leader Lorie Medina told The Washington Times. "With our country in such dire economic peril, I'm not interested in window-dressing budget cuts that will get grass-roots America off lawmakers' backs for another day. Yes, the GOP wouldn't have gotten the $38 billion without the pressure from the tea party. But, quite frankly, it's a pathetic amount."
But a lot more analysts say the Republicans pretty much won this round, mostly by setting the bar so high to begin with - demanding $100 billion in tax cuts and holding the EPA and Planned Parenthood hostage. Even with the tricky numbers, the bill Obama and the Democrats agreed to today has MORE cuts than the GOP bill they spurned in February as "too Draconian".