The reaction in Washington defense circles to the two-month delay to across-the-board defense cuts included in last week’s fiscal cliff legislation has been mixed. Some believe the so-called sequestration cuts are far less likely than just a few weeks ago; others are more sure than ever that $500 billion in cuts to planned defense spending will occur.
Only time will tell which group ultimately is proven correct. There are signs to support both hypotheses. But it is instructive to understand just how close sequestration came to being triggered last week, and to mull the largest obstacle in coming efforts to avoid the twin reductions to defense and domestic spending. More