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Business/Financial

CBO: DoD’s Long-term Spending Estimates Too Optimistic

Julie Samuel

Tuesday, July 5th, 2011

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The Congressional Budget Office (CBO) is warning that the Pentagon’s budget plans would cost $25 billion more than estimated in five years and $31 billion more in 10 years. The CBO released its analysis last week as defense spending is under scrutiny by White House and congressional negotiators stymied in budget-deficit-reducing talks. President Barack Obama in April proposed cutting $400 billion in security spending by 2023, and suggested last week he could seek deeper cuts (Defense Daily, June 30). The…

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