AP reports that the Senate is near approval of a $386.6 billion defense bill, and includes this:
The bill is $3.1 billion below Bush’s budget request for the fiscal year beginning Oct. 1, and represents a Defense Department budget increase of slightly more than 1 percent. That does not count a $62.4 billion emergency spending bill passed earlier this year to cover the cost of war in Iraq.
It also does not include the costs of military operations in Iraq and Afghanistan in the new fiscal year. Bush is likely to request that money in a separate bill.
So, in actuality, the defense budget is roughly $450 Billion–plus whatever we spend fighting wars! That’s a lot of money in a world with no peer competitor. Indeed, we’ve almost certainly reached the point where we spend more on the military than all the other countries on the planet combined. We were pretty close to that a year ago and are spending a whole lot more money now:
Courtesy Global Issues
Retired Admiral Eugene Carroll, Jr., of the Center for Defense Information has remarked, “For 45 years of the Cold War we were in an arms race with the Soviet Union. Now it appears we’re in an arms race with ourselves.”