There has been a lot of talk about the sequester in recent weeks as the latest in a long line of fiscal stand-offs ensues in Washington. In FY 2013, the sequester will hit defense budget authority by $43 billion, non-defense discretionary budget authority by $26 billion, Medicare spending by $11 billion, and other mandatory spending by $5 billion.
Update: This post has been updated as of February 27, 2013 to reflect new proposals from the Senate Republicans
Recently, former Senator Chuck Hagel (R-NE) was nominated to succeed Leon Panetta as the Secretary of Defense. He would likely be presented a challenge faced by his predecessors Panetta and Robert Gates: how to find savings in the Defense Department and help make it more fiscally responsible.
Sen. Tom Coburn (R-OK) is known for going after government inefficiencies, whether it's lauching the GAO's comprehensive review of federal agencies for duplicative programs or his yearly "Wastebook." Now Coburn has turned to the Department of Defense in his latest report "Department of Everything," an in-depth look which finds $67.9 billion in spending unrelated to DoD's national security goals--spending that is often duplicative or wasteful.
Last week, a letter from six organizations--the AARP, the American Academy of Family Physicians, the American College of Physicians, the American Geriatrics Society, the Center for Medicare Advocacy, and the Medicare Rights Center--urged Congress to override the Sustainable Growth Rate (SGR) formula that is set to cut Medicare physician payments by 27 percent starting January 1.
First off, CRFB would like to congratulate President Obama and all of those who were elected and re-elected to the Senate and the House. CRFB is looking forward to continue working with policymakers from both sides of the aisle to help make deficit reduction a reality.
Tonight is the last presidential debate with questions focused on foreign policy, but it would be a mistake to forget about debt. Our foreign policy is intertwined with fiscal policy, since it determines what economic power we have and what security capabilities we will possess.
Senator Tom Coburn (R-OK) yesterday released his "Wastebook" for 2012, a laundry list of government waste and inefficiency. Coburn finds 100 examples of government spending clearly not serving its designed purpose.
Wastebook's examples include:
Yesterday the group Taxpayers for Common Sense released a report with over $2 trillion in deficit reduction. The report, "Sliding Past the Sequester," takes up the task of the Super Committee and puts forth a list of cuts to programs or measures that they deem are "inefficient, ineffective, or wasteful," adding up to $800 billion beyond the Super Committee's original requirement.
Yesterday, a group of six senators from both parties signed a letter to Senator Majority Leader Harry Reid (D-NV) and Minority Leader Mitch McConnell (R-KY) urging them to help replace the sequester with a smart and bipartisan debt reduction plan. The letter, signed by the Senate Armed Services Chairman Sen. Carl Levin (D-MI) along with Committee members Sens.