The automatic government spending cuts that drew howls of protest from Washington when they began March 1 have turned out splendidly, says Stephen Moore, a Wall Street Journal editorial board member.
"The biggest underreported story out of Washington this year is that the federal budget is shrinking and much more than anyone in either party expected," he wrote Sunday.
Annual spending peaked at about $3.6 trillion in fiscal 2011. Many experts had expected outlays would reach $4 trillion by 2014, Moore reported.
Instead, spending dropped to $3.54 trillion in fiscal 2012, and is on track to dip below $3.45 trillion by Sept. 30, the end of fiscal 2013. That would represent the first time government spending has decreased for two straight years since the end of the Korean War, Moore noted.
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