Last week, the members of the so-called super committee announced they could not reach a deal to trim $1.2 trillion from federal deficits over 10 years. The back-up plan is $1.2 trillion in automatic “sequestration” cuts that take effect starting in January 2013, with about half of this coming from the defense budget. When you add in the cuts already agreed to in this summer’s debt-ceiling deal, the defense budget will see a not-so-insignificant cut of 14 percent over the next 10 years.
…But before lawmakers rush to cancel the scheduled spending cuts, they should keep three things in mind.
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