Conrad proposes significant defense cuts

[ProSense]

Conrad proposes significant defense cuts

by Joan McCarter

Sen. Kent Conrad's deficit peacockery seems to be stemmed by his impending retirement. He is proposing a 50/50 split between cuts and revenues on the 2012 budget. The details of that budget are leaking out, and it is reported to contain cuts of $800 billion from defense.

Overall security spending is cut by $886 billion in the budget which Senate leadership is still mulling making public. Under law the Senate was to have agreed on a budget by April 15.

This compares to $178 billion in security cuts in the House-passed budget resolution, only $78 billion of which is not reinvested in the defense budget. President Obama in his April deficit reduction framework called for $400 billion in security cuts over 12 years....

The budget ends Bush era tax rates for families making over $1 million per year and for individuals making over $500,000 per year. It also recommends ending tax expenditures but leaves it up to the Senate Finance Committee to decide which tax breaks to end, including the popular home mortgage interest deduction.

The budget cuts $350 billion from domestic programs over ten years and counts $600 billion from reduced interest on the national debt.

Medicare and Medicaid would sustain $80 billion in cuts, while Social Security is left out of the mix. Depending on where those $80 billion came from in those programs, the trade-off for $800 billion in defense make them relatively palatable. In the current negotiating climate, however, don't expect a proposal as sane as this one to gain much traction.

[FreakinDJ]

1. don't expect a proposal as sane as this one to gain much traction.

couldn't have said it better myself