US military spending is somewhere from $700 billion annually (a 100% increase in the last decade) to over a trillion dollars when you add in interest payments from past wars, nuclear power weapons, intelligence gathering, Veteran benefits, Homeland Security and more. It represents more than half of the discretionary spending in the federal budget and half of the world military spending.… Read more ...
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Obama budget: More cuts are coming
June 11, 2013
Jack Rasmus, Chairman of the Federal Reserve
With Obama’s publication of his 2014 budget proposals this past April 2013, the current round of deficit cutting set in motion by Obama’s Simpson-Bowles Commission four years ago may be coming to a conclusion of sorts by this September 2013.… Read more ...
by R. Lee Wrights
BURNET, Texas (Jan. 21) – Despite all the hysteria, wailing and gnashing of teeth from Washington warhawks, there are no spending cuts proposed in the defense budget nor is there any change at all in our defense policy. Typical of the frenzy was the comment by House Armed Services Committee Chairman Rep.… Read more ...
Timid GOP members may cave to avoid across-the-board cuts
The congressional supercommittee tasked with cutting the debt is almost out of time. Good. Run out the clock. If its members do not come to an agreement, we’ll be forced to accept automatic across-the-board cuts to spending – including defense spending.… Read more ...