A Dangerous Debt Ceiling Deal

Kim Holmes / August 01, 2011

The deep cuts in defense spending envisioned in the just-announced debt ceiling deal raise a fundamental question for Americans: Will we let a deal stand that promises to end American security as we know it? Or will we demand that the deal, born of crisis-driven politics in Washington, be abandoned because of what’s at stake?

The deal promises to raise the debt ceiling by the highest amount ever—more than $2 trillion—while reducing spending by close to $1 trillion over the next decade. It envisions 6 percent and 7.5 percent cuts in defense spending from the President’s budget request in February for fiscal years 2012 and 2013, respectively. It sets a non-binding goal of $1.5 trillion worth of deficit reduction for the congressional Joint Select Committee on Deficit Reduction, which the legislation creates. (more…)