It's part of America's "fiscal cliff:" the U.S. Defense Department is slated to lose $600 billion in funding at the end of the year as drastic spending cuts kick in to help rein in the ballooning deficit.
All this could have been avoided – remember the Super Committee? – but no deal was ever struck, and America is still facing a combination of tax hikes and spending cuts at the end of this year that could easily push us back into a recession.
But some members of Congress are determined to find away around the cuts – it's true that our economy would grow faster without them. Others believe that the most we can hope for in an election year is a short-term fix that puts off the hard work until 2013. Rep. Loretta Sanchez (D – California), a member of the House Armed Services Committee, comes OutFront to discuss.