Deficit reduction takes a back seat to job growth in the federal budget President Obama will unveil Monday. The spending plan forecasts more red ink in the current fiscal year than in 2011. Under the president's plan, budget deficits wouldn't reach a sustainable level until 2018.
Originally published on Thu January 26, 2012 1:18 pm
Defense Secretary Leon Panetta announced that the the Pentagon will propose a $33 billion cut in the military's budget, for the 2013 fiscal year.
The AP reports that will be achieved by reducing ground forces by 100,000 and by eliminating older aircraft.
The AP reports:
"Defense Secretary Leon Panetta tells a Pentagon news conference the administration will request a 2013 budget of $525 billion, plus another $88 billion for operations in Afghanistan. Combined, those totals are about $33 billion less than the Pentagon is spending this year.
As Democrats accuse Republican congressional leaders of being co-opted by the Tea Party in the federal budget negotiations, a new survey shows that half of all conservative voters ardently support the movement.