Comptroller Offers Peek Into Spending Cuts
The Pentagon’s strategic budget review is taking a balanced approach, relying on cuts in personnel levels, benefits and compensation, and overhead, as well as weapons programs, the department’s deputy comptroller said last week.
“We are not going to look only at modernization,” Mike McCord told the audience at a defense industry conference in New York, reported Bloomberg.
McCord also described the timing of cuts taking place over the next six years as a result of the $450 billion in defense savings called for under August’s deal to raise the debt limit. Fiscal 2012 spending faces a $25 billion cut, FY 2013 would endure a reduction in “the 40s,” with cuts ranging from $40 billion to $50 billion a year proposed to run through FY 2017, according to the story.
“The cuts will grow from ’12 to ’13, but they are not going to grow at some sort of enormous” rate in subsequent years, he said. Defense Secretary Leon Panetta previously has said the five-year, future years defense program proposed in February would slash spending by $260 billion through FY 2017.
Separately, Bloomberg reported that the department has sent a draft of its budget review to President Obama.