In a Wednesday tweet, Sen. Ron Wyden (D-OR) claimed that Congress could cut the budget deficit by $23 trillion in a decade simply by eliminating the “defense slush fund” and “the nuclear war slush fund.” In reality, these funds represent the vast majority of discretionary spending over the next decade—and the Senator’s proposal would effectively eliminate US nuclear weapons and leave the country unarmed.
Tag: Government Spending
Pentagon Fails 7th Audit in a Row, Unable to Account for $824B Budget
The Pentagon has failed its seventh consecutive audit, raising concerns about the department’s ability to manage its $824 billion budget.
The audit, conducted by the Department of Defense’s independent watchdog, found that the Pentagon was unable to account for over $800 billion in transactions, representing over 90% of its budget.
The audit also revealed that the Pentagon had ignored or not fully implemented nearly half of the recommendations made in previous audits, raising further doubts about the effectiveness of the department’s internal controls.
The Pentagon’s inability to pass an audit has raised concerns among lawmakers and experts, who argue that the department needs to improve its financial management practices to ensure that it is using taxpayer dollars effectively.
U.K. Budget Makes a Big Bet on Spending for Growth
In an attempt to boost the economy, the U.K. government has unveiled a budget that significantly increases spending. This bold move, met with mixed reactions, marks a significant departure from previous austerity measures. Chancellor Rishi Sunak announced a £150 billion ($204 billion) increase in public spending over the next five years. This includes substantial investments in infrastructure, education, and the healthcare sector. Critics argue that the increase in deficit spending could lead to inflation, interest rate hikes, and other economic problems. However, the government maintains that these investments are essential to sustain long-term growth and address long-standing inequalities.