Defense Budget Cuts

It is no secret that over the past decade the base defense budget increased from $297 billion to $520 billion. That does not include additional amounts for Homeland Security and for nuclear weapons research and maintenance in the Department of Energy, and for the cost of the Iraq and Afghanistan wars (see The Three Trillion Dollar War by Joseph Stiglitz and Linda Bilmes.)  As part of the Budget Control Act of 2011, Congress and the President agreed to $487 billion in cuts over the next ten years on both the defense and the domestic side. There was further agreement on a subsequent sequester of  $500 billion in military cuts, and slightly more on the discretionary domestic  side, barring a last minute fiscal cliff compromise.

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