Posted: Dec 5, 2012 7:51 AM
Source: Associated Press
WASHINGTON - House Republicans' "fiscal cliff" counteroffer to President Barack Obama hints at billions of dollars in military cuts on top of the nearly $500 billion that the White House and Congress backed last year, and even the fiercest defense hawks acknowledge that the Pentagon faces another financial hit.
The GOP proposal calls for $300 billion in discretionary spending cuts to achieve savings of $2.2 trillion over 10 years. The blueprint offers no specifics, although the Pentagon and defense-related departments such as Homeland Security and State make up roughly half the federal government's discretionary spending.
The military, which is still coming to grips with the half-trillion-dollar cut in last year's deficit-reduction law, is looking at another $10 billion to $15 billion cut in projected defense spending each year for the next decade.