What to Cut as the Debt Limit Looms Large

The debt ceiling debate escalates as the August 2nd deadline approaches. Why are deep cuts to Social Security, Medicare and Medicaid, that would have a devastating effect on the elderly and the future well being of the working class, being discussed vehemently while the single largest discretionary line item in the budget - military spending and foreign aid - is not?

The United States’ military budget accounts for roughly half of the defense spending in the entire world. Senator Tom Coburn’s (R-OK) plan to cut $9 trillion from the federal budget over a decade includes a $1 trillion cut in defense spending. President Obama’s proposal cuts military spending by only $400 billion over 12 years. We spend $250 billion more per year (adjusted for inflation) on the military and foreign aid than during the Cold War, and cutting that overspending would bring the military budget down to levels comparable with those under presidents Eisenhower, Nixon, George HW Bush, and Clinton.

No one wants to appear unsupportive of the troops, but something has to give. The President said in an interview last week that he could not guarantee Social Security checks would go out on time in August, and White House Press Secretary Jar Carney has also mentioned that military paychecks, veterans’ benefits and base services may go unpaid as well. If the US fails to pay its creditors and loses its good credit rating, interest rates could skyrocket, instability could occur in financial markets and we could find ourselves in another Great Depression. Higher interest rates could prove more costly to average Americans than any tax increases rejected by House Republicans.

Can we cut military spending by $1 trillion and still maintain our security? Is the Pentagon prepared to end expensive weapons programs and reduce personnel and administrative costs? How can we continue to increase military spending without raising taxes? Why is raising the debt ceiling now such a contentious issue when it has been a routine part of the budget process? What return on investment are we seeing from a continually growing military budget and presence around the world?