Home / DoD / White House Saves $5B From Automatic DoD Spending Cuts

White House Saves $5B From Automatic DoD Spending Cuts

WhiteHouseThe White House has announced that it will restore $4.9 billion out of the $85 billion to be cut from the Defense Department budget due to sequestration, according to a Bloomberg article.

Brian Faler writes that with the money being put back into the budget, the Pentagon estimates that it will need to cut roughly $37 billion in this fiscal year, down from  $41 billion that was previously projected.

$700 million will go to the State Department, about $3.7 billion will be included in the Pentagon’s budget and the remainder would be dispersed across a number of programs at other agencies.

The White House Office of Management and Budget made the change after it completed recalculations based on legislation to fund government operations for the rest of fiscal 2013, signed by President Barack Obama.

Check Also

SEC to Address Financial Technology Concerns, Innovations via New Hub

The Securities and Exchange Commission has opened a hub where it can coordinate with public and private sector entities to address concerns and initiate developments in financial technology.

Leave a Reply

Your email address will not be published. Required fields are marked *