Defense facing cuts up to $850B over 10 years
Monday, August 1, 2011
WASHINGTON (AP) -- The Defense Department is facing cuts of up to $850 billion over a decade under the compromise struck by President Barack Obama and congressional leaders.
The immediate cuts, however, were far less and included not just defense, but money for veterans, homeland security, intelligence and foreign aid. Spending on all those programs would drop from $687 billion this year to $683 billion next year.
Members of the congressional committees overseeing the military said the first round of cuts was doable, but they won't be easy. Security money would face a $350 billion cut over 10 years. Of greater concern to lawmakers was the possibility that a special 12-member committee of House and Senate members would fail to come up with a deficit-cutting plan, triggering an additional $500 billion in cuts.