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Thursday, July 14, 2011

Cuts In Military Spending To Reduce The Deficit

Why aren't cuts to defense spending a larger component of the deficit reduction proposals?:

Past Presidents’ Cuts In Military Spending To Reduce The Deficit: A new report released today by the Center for American Progress (CAP) outlines how President Obama and the Congress could cut military spending using bipartisan historical precedents without sacrificing security. “Defense spending helped create the fiscal crisis facing our nation today,” write CAP’s Lawrence Korb, Laura Conley and Alex Rothman, “and defense cuts must be part of the solution.” Levels of spending exceed the heights of the Reagan-era Cold War by $100 billion and the Eisenhower-, Nixon-, H.W. Bush- and Clinton-eras by more than $250 billion. “This ballooning defense budget played a significant role in turning the budget surplus projected a decade ago into a massive deficit,” the CAP experts write. This chart from the report maps out past presidents reducing military spending during similar budget crises:

    Posted by on Thursday, July 14, 2011 at 10:53 AM in Budget Deficit, Economics | Permalink  Comments (65)


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