The Senate Budget Committee Republican staff found in a new analysis of President Obama’s proposed budget that interest payments on debt will be larger than the defense budget in five years, according to the Weekly Standard.
My must read of the day is “Mr. Ryan’s Small Ideas on Poverty,” by the editorial board of the New York Times.
The risk of war in Asia will increase over the next 10 years as U.S. military forces struggle to maintain their edge amid declining budgets and increasing threats, according to the chairman of the Joint Chiefs of Staff.
President Barack Obama’s budget for fiscal year 2015 will add $8.3 trillion to the debt and hike taxes by $1.8 trillion, according to a joint analysis by Republicans on the Senate and House Budget Committees.
Austerity. The media keeps using that word. We do not think it means what they think it means. Or rather, the word appears to have lost all meaning; it means whatever they want it to mean.
Last week, the Washington Post reported that President Obama’s budget request for 2015 “will call for an end to the era of austerity that has dogged much of his presidency.” Instead, he will focus on “pumping new cash into [programs supported by liberals],” while abandoning his symbolic nod toward reforming the entitlement programs that threaten to bankrupt the country.
In other news, Defense Secretary Chuck Hagel on Monday announced the Obama administration’s plans to slash the Army to its smallest size since 1940, a famously good year for the economic and geopolitical affairs. The move is perfectly in keeping with the administration’s sophisticated foreign policy strategy of thinking about what George W. Bush would do, and then doing the opposite of that. According to the New York Times, the proposal “takes into account the fiscal reality of government austerity.”
The Senate voted to restore military pensions on Wednesday, ending a months long battle over a controversial provision in the bipartisan budget deal that cost veterans thousands in lost retirement pay.
The Senate approved a House bill that restored the cost-of-living adjustments (COLA) for all military retirees on Tuesday by a 95-3 vote. The legislation makes up the savings by promising to extend the sequester for Medicare spending by one year a decade from now.
WASHINGTON (Reuters) – The House of Representatives, by a narrow margin, on Tuesday passed clean legislation raising the government’s borrowing authority for one year in order to avoid a default that was looming at the end of this month.
Sen. Tom Coburn’s (R., Okla.) long crusade against government spending is coming to an end.
China will ramp up military spending this year as the United States and other countries take money away from defense budgets.