Debt Ceiling Deal and DOD Impacts

August 2, 2011
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via GovWin

The debt ceiling deal passed the House 269-161, with a yea vote surprisingly being cast by Rep. Gabrielle Giffords (D-Ariz.). The Senate is expected to pass the legislation in a noon vote, with President Obama expected to sign it later in the day to avert a debt default.

Pentagon Faces Possibility of Hundreds of Billions in Spending Cuts Over 10 Years [New York Times] – While the actual content of the debt ceiling deal is still hazy, the legislation is expected to only modestly cut next year’s military budget, but could contain $550 billion in cuts over the next ten years. While the deal definitely cuts security spending from $689 billion to $684 billion for next year, analysts do not know yet how much of the $5 billion will be taken from DOD.

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