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Mon Nov 12, 2012, 11:40 AM

Deficit cutters look to Pentagon budget [View all]

Source: Associated Press

<snip>

All sides are trying to come up with a deficit-cutting plan of $1.2 trillion over 10 years. Any solution that might emerge from the high-stakes negotiations before the Jan. 2 deadline likely would include some reductions in the military budget, which has nearly doubled in the last decade to half a trillion dollars. That amount doesn't include the hundreds of billions of dollars spent on the wars in Iraq and Afghanistan.

<snip>

"It is a big piggybank," said former Wyoming Sen. Alan Simpson, a Republican who along with Democrat Erskine Bowles had recommended $4 trillion in budget cuts over a decade, including deep reductions in defense, as part of a special presidential commission in December 2010.

"If you can't get in there and start getting stuff out of there when you have a defense budget of $740 billion bucks and the defense budget of every major country on earth, 17 of them, including Russia and China, is $540 billion combined. Who is joshing who," said Simpson. "That's madness, madness."

One possible starting point is the recommendation of Senate Armed Services Committee Chairman Carl Levin, D-Mich., who indicated earlier this year that he would be willing to accept additional defense cuts of $10 billion a year as part of any solution to avoid the across-the-board cuts.



Read more: http://news.yahoo.com/deficit-cutters-look-pentagon-budget-084524659--politics.html

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Live and Learn Nov 2012 OP
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