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.
