With nearly two-and-a-half months to go before the scheduled start date of sequestration cuts, President Barack Obama asserted during the final presidential debate Monday night that the cuts “will not happen.”
According to Federal News Radio‘s account of the debate, Obama said the budget his administration is considering focuses on maintaining current defense spending levels rather than reducing them.
Mitt Romney, the Republican challenger, said that he would cut the rest of the discretionary budget to pay for his proposed increase in military spending, according to The Hill newspaper.
Romney has previously proposed setting defense spending at 4 percent of the gross domestic product, Jeremy Herb reports.
More than $500 billion is slated to be cut from defense over the next decade under the Budget Control Act, passed last summer as part of an agreement to increase the federal debt ceiling.
Cuts under sequestration would increase that amount to nearly $1 trillion.