Last week, both houses of Congress approved the conference report on the Fiscal year 2008 Defense Authorization bill, H.R. 1585. The bill includes $506.9 billion for the Department of Defense and the nuclear weapons activities of the Department of Energy. The bill also authorizes $189.4 billion for military operations in Iraq and Afghanistan. This funding is NOT counted as part of the $506.9 billion … Keep in mind, today’s defense spending is 14% above the height of the Korean War, 33% above the height of the Vietnam War, 25% above the height of the “Reagan Era” buildup and is 76% above the Cold War average
Nonetheless – with defense spending commanding almost 5 percent of GDP, it is hard to imagine how certain GOP candidates could call for even more defense spending and tax cuts at the same time. Check out the CBO blog for more on this query.