Our global military presence requires a mammoth defense industry, one that consumes nearly half of all military expenditures worldwide. In January, 2013, automatic defense cuts are scheduled to occur under the Budget Control Act. This sequestration has members of Congress and major defense contractors scrambling to dodge this bullet.
Desperate to protect their bottom line, weapons makers now suggest that the GOP consider raising revenues (taxes!). Just maybe those top tier Bush tax cuts should expire to facilitate a budget agreement before the New Year’s deadline. How will Republicans respond to this powerful lobby?
From The Huffington Post