About 16 hours ago, the marathon ended. After all of 583 amendments were either voted on, withdrawn or approved by voice vote, the House passed a fiscal 2011 spending bill that cuts about $60 billion in spending below current levels for the remaining seven months of the current fiscal year. Prorated for the year, that’s about $103 billion.

But even if this exact bill is adopted and signed by President Obama — which is very unlikely — it would only put a small dent in the projected $1.7 trillion deficit for fiscal 2011. The Senate will next have its say, and it is expected to come back with smaller cuts, with a final compromise to worked out in a House-Senate conference committee.

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