The Pentagon proposes retiring the U-2 Dragon Lady and A-10 Warthog in the Fiscal Year 2015 defense budget it will present to the Congress next week, Defense Secretary Chuck Hagel said. Hagel and Army Gen. Martin Dempsey, chairman of the Joint Chiefs of Staff, previewed the budget for reporters on February 24.
Military budget of the United States
The U.S. government spends more on its military each year than any other nation by far, but it will be a restrained Department of Defense (DOD) that presents itself at this year’s Paris Air Show. That’s because a previously obscure fiscal mechanism known as “sequestration” requires the DOD to cut $41 billion, or roughly 8 percent of its $527 billion base budget, by September 30, the end of the fiscal year on the government’s calendar.
A year after industry groups such as the Aerospace Industries Association started warning about the threatened U.S. government budget reductions known as “sequestration,” the White House has offered specifics about what the impact would be for the Department of Defense (DoD) and other federal agencies.
The ongoing impasse in Washington over the Fiscal Year 2011 U.S. federal budget means that the Pentagon can spend only at 2010 budget levels and cannot start new programs. Meanwhile, it has submitted a budget request of $553 billion for 2012, compared with $548 billion requested for 2011. But the mood in Congress has swung in favor of serious efforts to cut deficit spending. The years of burgeoning defense budgets in the U.S.