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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: CalculatedRisk who wrote (60167)5/3/2006 12:40:04 AM
From: shades  Read Replies (1) of 110194
 
Think Tanks Urge Big Shift In Pentagon Budget Plans

(it worked for clinton eh?)

WASHINGTON (Dow Jones)--A new policy report urges the Pentagon to cut its fighter plane, missile defense and major warship programs to free up more money for diplomacy and homeland security

The report, prepared by a coalition of Democrat-leaning analysts, proposes a $61 billion cut in the 2007 defense and security budget, along with $52 billion in additions, for a total of $461 billion. Its authors say the changes would fund the military without shortchanging other goals.

"We need to stop spending money on those weapons systems that do not advance national security," said Lawrence Korb of the Center for American Progress, a study co-author. The report was sponsored by the Center for Defense Information and the Foreign Policy in Focus analyst network.

The task force timed its report to coincide with Wednesday's House Armed Services Committee markup of the 2007 Defense Department budget.

It recommends slashing the F-22 Raptor stealth fighter, the F-35 Joint Strike Fighter, the DD(X) next-generation destroyer and other big-ticket programs. The authors would like to see more emphasis on port security, limiting the spread of weapons of mass destruction, and collaborating with foreign governments in overseas hot spots.

"Although the Central Intelligence Agency has concluded that weapons of mass destruction are most likely to enter the United States by sea, we will spend four times more deploying a missile defense system that has failed most of its tests than we will spend on port security," the report said, according to an advance copy supplied to the media.

-By Rebecca Christie, Dow Jones Newswires; 202-862-9243; rebecca.christie@dowjones.com


(END) Dow Jones Newswires

May 03, 2006 00:01 ET (04:01 GMT)

Copyright (c) 2006 Dow Jones & Company, Inc.- - 12 01 AM EDT 05-03-06
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