The Defense Department has submitted a draft budget plan to President Obama that includes the $450 billion in cuts required from the debt ceiling compromise, according to Bloomberg.
It does not include the additional $600 billion cuts by sequestration that are mandated by the supercommittee’s failure to reach an agreement on a deficit reduction proposal, according to the report.
Additionally, Pentagon officials will give lawmakers on Capitol Hill an early view of its 2013 budget before February, according to The Hill newspaper.
At a defense industry conference in New York City, Mike McCord, the Pentagon’s deputy comptroller, said the cut for fiscal 2012 would be at about $25 billion. In 2013, the cut will be in the $40 billion range and up to $50 billion a year through 2017.
“The cuts will grow from ‘12 to ‘13 but they are not going to grow at some sort of enormous†rate thereafter, McCord said at the conference according to Bloomberg. “We expect them to be somewhat stable year to year.â€
