They huffed and they puffed, they promised their teahadist base they'd usher in an era of austerity, yet this is the best House Republicans could do:

Politico has the details:

GOP scales back budget cut goals

Updating their budget estimates, House Republicans conceded Thursday that their best hope is to cut current appropriations by $32 billion for the remainder of this fiscal year, once new spending for defense and other security needs are added to the equation.

The impact on domestic spending and foreign aid programs would still be very severe, with the GOP seeking an immediate $58 billion cut from President Barack Obama’s once expansive 2011 budget. But with the Congressional Budget Office predicting a nearly $1.5 trillion deficit for the current year, the scaled-back estimates reflect the limits of a budget strategy so focused narrowly on one segment of appropriations.

As outlined by leadership and House Budget Committee staff, the new cap on appropriations will set a 2011 ceiling of $1.055 trillion—$32 billion less than the latest estimate by CBO of the full-year of the stop gap spending bill due to expire Mar. 4.