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Tue Nov 13, 2012, 12:42 PM

Deficit cutters look to Defense Dept. budget [View all]

Source: Military Times, Associated Press

WASHINGTON — One war is done, another is winding down and the calls to cut the deficit are deafening. The military, a beneficiary of robust budgets for more than a decade, is coming to grips with a new reality — fewer dollars.

The election accelerated an already shifting political dynamic that next year will pair a second-term Democratic president searching for spending cuts with tea partyers and conservatives intent on preserving lower tax rates above all else, even if it means once unheard of reductions in defense.

President Obama and Congress have just a few weeks to figure out how to avert the automatic cuts to defense and domestic programs totaling $110 billion next year. Those reductions are part of the so-called fiscal cliff of expiring Bush-era tax cuts and the across-the-board cuts that Defense Secretary Leon Panetta has warned would be devastating to the military.

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.

Read more: http://militarytimes.com/news/2012/11/ap-deficit-cutters-look-to-pentagon-budget-111212/

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