Ezra Klein spies a "battle between the Tea Party wing of the Republican Party, which wants to cut the budget by $100 billion this year, and the more establishment-oriented members, who've set their sights substantially lower". But he's right to praise the candor and specificity of the cuts, even though their short term impact could be, well, interesting:
[R]eading [the Tea Party wing's] legislation, you can see why more experienced members of their party might balk: $30 billion in savings comes from immediately selling off Fannie Mae and Freddie Mac, which would potentially throw a weak housing market into total chaos. Another $16 billion comes from repealing the help the federal government is giving states to handle Medicaid costs, which would potentially send a couple of states that are already teetering on the edge of bankruptcy right over the cliff. Amtrak would lose pretty much its entire federal subsidy, as would the Corporation for Public Broadcasting and the National Endowment for the Arts. Funding for high-speed rail is eliminated, and so too is more than $40 billion in stimulus funds, most of which are obligated to projects that have already begun.
For all that, this is a healthy document: It shows what very deep cuts in spending would actually look like. Democrats, I imagine, will be quite interested in debating it. Whether or not Republican leadership will be as enthusiastic remains to be seen.