The Federal Government greatly exceeds its budget each year and has a debt of over $14 trillion. It is obvious that spending cuts are essential. This series offers suggestions to help balance the budget.
The United States, with a military budget of $698 billion, spends more on defense than the next seventeen nations combined. The U.S. spends almost six times that of the next biggest spender, China ($119 billion) and more than eleven times that of Russia ($59 billion).
The Department of Defense budget in fiscal year 2010 accounted for 19% of the United States federal budget and 28% of estimated tax revenues. $159.3 billion of the U.S. military budget is for “Overseas Contingency Operations,” to fight the wars in Afghanistan and Iraq.
With Osama bin Laden dead, it is time to bring the troops home from what will be, in October, our decade-long war in Afghanistan. At the same time we can also bring the troops home from Iraq.
The savings of $159.3 billion is my first entry in my Federal Spending Cuts Table.
Federal Spending Cuts Table
The First Year of implementation may not be the same as a Full Year if cuts are phased in over time. The average saved per year is shown as a 5 Year Average. The 5 Year Total is the amount saved in five years with all cuts implemented.
The table has been updated to reflect the latest posts in the series. Click on the table links to access prior and future posts.
Click ONCE on column headers to sort.
| Spending Cuts ($billions) | First Year | Full Year | 5 Year Av. | 5 Year Total |
|---|---|---|---|---|
| TOTALS | 334.4 | 567.6 | 432.0 | 2,838.0 |
| Wars in Afghanistan and Iraq | 159.3 | 159.3 | 159.3 | 796.5 |
| Mortgage Interest Deduction | 13.0 | 131.0 | 53.0 | 655.0 |
| Health Insurance Benefits | 28.8 | 144.0 | 86.4 | 720.0 |
| Charitable Contributions | 37.0 | 37.0 | 37.0 | 185.0 |
| State and Local Taxes | 74.0 | 74.0 | 74.0 | 370.0 |
| Farm Subsidies | 22.3 | 22.3 | 22.3 | 111.5 |
After the spending cuts phase in periods are over, the savings over ten years would be $5.7 trillion.

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