Law360, New York (April 13, 2011, 9:53 PM ET) -- President Barack Obama on Wednesday proposed a deficit-slashing plan that calls for $400 billion in cuts to defense spending, possibly affecting government contractors and building on U.S. Secretary of Defense Robert Gates' earlier suggestions.
Citing a need to curtail deficit spending without affecting three key programs — Medicare, Medicaid and Social Security — Obama said he would back cuts to defense funding that would save $400 billion by 2023. The plan will help push the budget toward the president's newly announced goal: deficit reductions totaling $4...
Obama Proposes Major Cuts To Defense Budget
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