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>> SPENDING CUTS Latest News

JUL 04, 2013 - The Economist

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Defence spending: Squeezing the Pentagon

SOME attacks come out of nowhere. Others arrive with plenty of warning. The 2011 Budget Control Act (BCA), also known as the sequester, was one of the latter. But for a long time the Pentagon ignored it, assuming that the cuts to defence spending it contained would never happen.Those cuts—$500 billion over the next nine years, on top of $487 billion already under way—were designed to be so painful that they would force Republicans to do a budget deal with Barack Obama to avoid them. But it turns out that Republicans hate taxes even more than they love the armed forces. No deal was reached. ... Read More

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