$631 Billion Defense Bill Will Not Prevent Sequestration
Following the passage of the $631 billion defense bill on Dec. 4, questions arose as to what the bill means in light of impending sequestration cuts to the military.
I spoke to a senior Republican aide this morning who said the monies agreed upon for the defense bill are not related to the sequestration cuts in any way. Rather, if nothing changes between now and January 2, 2013, the sequestration cuts will take effect and "whatever is out there will be chopped."
The bottom line, sequestration will trigger more than $1 trillion in cuts in government spending across the board, which includes cuts to the current continuing resolution funding scheduled to run through March.
Half of the $1.2 trillion in these cuts will be realized through cuts to the military and defense.
Amid the White House rhetoric surrounding the pending sequestration, it is important to remember that these are cuts President Obama signed into law on August 2, 2011. They are the elephant in the room reminding everyone of Obama's failure to lead on deficit reduction.