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The Republicans’ Most Hypocritical Economic Argument

July 17 (Bloomberg) -- The Republican position on federal spending could not be clearer: It doesn’t create jobs. Except when it goes to defense contractors.

Under the debt-ceiling deal reached last year, planned spending is going to be “sequestered” -- that is, cut -- starting next January. The defense budget is going to take half the hit. On July 12, Mitt Romney’s presidential campaign issued a press release with a statement from Bill Bolling, the Republican lieutenant governor of Virginia, attacking President Barack Obama for cutting defense too much.