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IPFS News Link • Government Debt & Financing

Senators Prepare to Battle Against Military Spending Cuts

•, by Jason Ditz
 Though Congress is not expected to formally address the controversial issue of allowing the automatic defense spending cuts (sequestration) until after the November election, a number of hawks are laying the groundwork for efforts to bypass the cuts.
Secretary of Defense Leon Panetta termed the possible cuts, which would bring military spending back to 2007 levels, as an “disastrous” conclusion, and demanding that Congress “find the money” to avoid it.
Sens. Lindsey Graham (R – SC) and John McCain (R – AZ) have even raised the prospect of “revenue increases,” a euphemism for tax hikes, as an alternative to allowing their favorite military programs to suffer even a modest cut.