Deficit Reduction Estimate for DOD Budget Continues to Creep
The Defense Department’s estimate of how much spending it would need to cut through fiscal 2021 to meet the targets in August’s debt-limit agreement now stands at $487 billion, for now.
Shortly after the agreement was reached, officials estimated they would need to trim $450 billion in spending over the coming decade compared to the FY 2012 budget.
In November, House Armed Services Committee Chairman Howard “Buck” McKeon (R-Calif.) revealed the estimate had climbed to $489 billion, reported the Hill newspaper. And during last week’s presentation of the new strategy that will be used to guide the budget cuts, Defense Secretary Leon Panetta referred to a $487 billion reduction, while at the media roundtable that followed, Deputy Defense Secretary Ash Carter used the $487 billion and $489 billion figures interchangeably. Go figure.
Separately, the Hill reported that DOD officials may disclose details of the FY 2013 budget request over the coming weeks. It is not scheduled to be formally unveiled until early February.