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Senate Democrat budget proposal slashes defense spending
Monday - 7/11/2011, 8:01am EDT
Federal News Radio
The still unreleased Senate Democratic budget proposal contains nearly $900 billion in cuts to security funding. The Pentagon faces budget cuts of more than $800 billion over the next 10 years, according to the Hill.
The proposal by Senate Budget Committee Chairman Kent Conrad (D-N.D.) also cuts $350 billion from domestic programs and could see $5 trillion in deficit reduction savings.
In addition to $4 trillion in deficit reduction, the proposal estimates $600 billion in savings from reduced interest on the national debt.
While the plan is yet to be publicly announced, the $886 billion cut in security spending is significantly greater than the $178 billion in cuts in the already-passed House budget.
Even with all of the spending reductions, the proposal also contains significant tax increases, causing some dissent among the full Democratic caucus, the Hill reports.
The Hill also reports that Conrad has already met with President Obama to review the proposal. The plan is thought to be an alternative to the significant cuts to Social Security and other programs currently in discussion as part of the debt-reduction debate.