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Obama Defense Cuts To Cost American Businesses $61 Billion Annually
Posted by Brian
Obama’s Defense Cuts Could Cost Economy $61 Billion While Endangering National Security
Obama’s Defense Cuts Could Endanger National Security, Cost Economy $61 billion
By Travis Korson February 16, 2012
This past Monday, the Obama administration presented its 2013 budget to Congress, with projected defense budget cuts, described by Rep. Howard P “Buck” McKeon, Chairman of the House Armed Services Committee as “over $45 billion less than the President's request for last year."
This first round of cuts agreed to under the Budget Control Act of 2011 (BCA) and reflected in this budget, will take $487 billion dollars (9%) from the Department of Defense over the next 10 years. If the sequestration mechanism of that BCA is allowed to trigger, another $500 billion will disappear from the accounts designated to protect the American people, a $1 trillion (18% of defense budget) total cut over the next 10 years. This second tranche of cuts is not reflected in the current budget but will happen unless Congress acts and can somehow overcome a promised Obama veto.