The defense cuts are looming. When you have Leon Panetta saying not one more thing can be cut, you know you are in trouble. The Pentagon already faces $450 billion in deficit reduction over the next decade and another $600 billion on top of that will be debilitating according to Pentagon officials.
On January 2nd, national security gets hit with a 10-year, $600 billion, across the board spending cut at the Pentagon, which will be 8% of its current budget.
Senator Lindsey Graham said there will be no ability to modernize. The Marines would have to choose between Parris Island and Shaw Air Force Base for training.
Republicans and Democrats came up with these Draconian cuts at a time when we are facing the greatest dangers in the world. The purpose was to force cuts in the budget but now there is desperation by Republicans and some Democrats to undo it. They are talking spending again.
Tax-happy Harry Reid has given no indication he will undo the cuts unless it includes tax increases, especially on the rich and the job creators. If you think it will stop there, you are wrong,
The rich can’t possibly pay for this spending. They can put a dent in it. The spenders will then have to go to lower and lower income wage earners. What happens after that is we won’t be able to pay our debts – the interest rates alone will be astronomically as our outlook worsens.
Obamacare alone will take 100% of our budget by 2030, everything else would have to be borrowed.
On the military fiasco, will either side blink?