Budget Cuts May Accelerate On War Drawdowns

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Budget Cuts May Accelerate On War Drawdowns

 

By David Lerman, Bloomberg News

The election-year defense budget that President Barack Obama will present today is destined to receive a frosty reception in Congress this week, particularly from Republicans.

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The $525 billion base budget, which doesn't include $88.4 billion in war funding, amounts to a 1.1 percent cut from what Congress approved for the current fiscal year, which ends Sept. 30.

A five-year plan, previewed by Defense Secretary Leon Panetta last month, calls for shaving $259 billion from future spending by eliminating 100,000 troops, delaying shipbuilding plans, slowing Lockheed Martin Corp.'s F-35 Joint Strike Fighter, and conducting a new round of military base closings, among other moves.

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