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News Link • Government Debt & Financing

'Fiddling While the Pentagon Burns'

 More money and more flexibility to make sounder investment decisions … who could argue against that?

Obviously, it is a plus. But as yesterday’s press conferencewith Defense Secretary Chuck Hagel and Chairman of the Joint Chiefs Martin Dempsey made clear, it’s essentially a Band-Aid for what amounts to a bleeding artery. The Pentagon must still cut $41 billion this year from its budget; it remains over $20 billion short on readiness and operational funds; it is facing a shortfall of some $7 billion in monies needed for the drawdown in Afghanistan; and it has already used up 80% of its operating funds for the year with six months still to go.

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