So *that's* how the GOP plans to reduce the deficit

By exempting their deficit-exploding policy proposals from budgetary consideration. Can't pay for that massive tax "relief" for the rich? Just say "that doesn't count toward the deficit":

Republicans' deficit reduction platform, which may have helped catapult them into the majority, is about to run headlong into a hard reality: Many of their key policy goals will increase the deficit dramatically.

To get around this fact, they've included measures in their new rules package to exempt some of their biggest legislative priorities from deficit consideration. Among the exceptions, which the House is likely to consider in the 112th Congress, are the health care repeal bill (scheduled for a vote a week from Wednesday), the 2001 and 2003 Bush tax cuts, an AMT patch, extending the estate tax, and more.

For links and more hard information, check out the full Talking Points Memo story here and Jason Linkins' HuffPo story here.