Let's say your family was spending $78,700 a year and you realized at that pace you would basically quadruple your family's current debt. And if left unchecked that debt would go up by a factor of 10 over the next ten years. Disaster on the horizon.
If President Obama was your family's financial advisor he would recommend that you find about $10 to shave off your budget to get things in line based on his request to Congress yesterday.
So if you can have little Bobby hold off on that 3-pack of tube socks things should just be fine.
Update: Paul Krugman of the NY Times suggests this about the concept that "100 million here and 100 million there really adds up":
Except, you know, really it doesn’t. Let’s say the administration finds $100 million in efficiencies every working day for the rest of the Obama administration’s first term. That’s still around $80 billion, or around 2% of one year’s federal spending.