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Card Consolidation Credit Debt The rising cost of wars in Iraq and Afghanistan, together with expensive new weapons systems and other growing commitments, is pushing defense spending inexorably upward, part of a pattern of federal spending that some economists say threatens American and global economic stability.

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Credit Union Many of the Pentagon's new expenses are unplanned, indirect consequences of the continued fighting. The Army, for instance, is shipping home and reconditioning the tanks and combat vehicles that spearheaded last spring's attack on Baghdad.

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Merchant Credit Guide Co That unanticipated cost is $12 billion to $19 billion this year and each year on into the future as forces rotate through the combat zones, Army Gen. Paul Kern, who oversees the effort, said in an interview.

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Apply Online For Credit Card The Pentagon is paying billions more for the health care of troops mobilized from National Guard and reserve units, a recurring charge expected to grow in the coming years.

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By Card Credit Debt Debt Guide Such expenses may be critical to the global fight against terrorism. But they are colliding with rising health care costs and the anticipated claims of aging Baby Boomers on Medicare, Medicaid and Social Security, fueling a steady rise in the projected federal budget deficit.

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Credit Repair Today's deficit stands at $480 billion, the amount the United States is borrowing to finance its spending. It's as if every dollar that Americans spend on national defense -- roughly $461 billion this year -- had to be borrowed.

Active Credit Credit Guide Some economists fear that as the United States competes in world markets for cash to borrow, interest rates will be driven sharply upward, jeopardizing economic growth here and abroad and even limiting U.S. strategic options.

Credit Score "If you are running large deficits, you are really on the knife-edge in terms of maintaining the confidence of domestic and international capital markets," said Isabel V. Sawhill, a former Clinton administration budget official who is now director of economic studies at the Brookings Institution.

Bad Car Credit Guide Loan "We may not have the flexibility we need to (borrow) if an emergency arises, and in this dangerous world, you cannot predict when an emergency will arise."

Bad Credit Loan The International Monetary Fund, the organization for fiscal stability, recently called Washington's deficit spending a "significant risk" to U.S. and global prosperity. And in a study released in December, the Congressional Budget Office concluded that "unless taxation reaches levels that are unprecedented in the United States, current spending policies will probably be financially unsustainable" in the future.

Credit Definition Derivative The Bush administration brushes aside such concerns. Treasury Secretary John Snow said Jan. 7 that the deficit is "unwelcome." But he said the administration "is committed to cutting this deficit in half over the course of the next five years."

Bad Credit Mortgage Snow termed the recent upsurges in defense spending a temporary "bulge." But Pentagon budget documents show that its spending plan, put together more than a year ago, projects steady increases totaling about $200 billion over the next five years.

The Insider Guide To Credit Since then, new costs have raised the Pentagon's financial commitments, according to senior officers like Kern, who heads the Army Materiel Command. He is responsible for providing all that the Army consumes, from boots to beans and bullets, and for repairing tanks, helicopters and guns.

Business Credit Card The unforeseen continuation of combat operations in Afghanistan and Iraq, he said at his Fort Belvoir, Va., headquarters, "is consuming at a rate far above the peacetime base. For how long, I don't know. I would measure it in the next few years, not months."

Banker Complete Credit Guide Among other upward cost pressures:

Credit Card Application # Major new weapons systems are moving into production after years of less expensive research and development. These programs include the V-22 Osprey vertical-lift plane at $105 million each; the F-22 supersonic strike fighter program, $258 million each; and the Joint Strike Fighter at $81.2 million each, according to the Pentagon's latest total program cost data.

Credit Guide Managing # Unanticipated growth in these and other programs accounted for a $500 million charge to the Pentagon between June and September 2003. Separately, the Pentagon acknowledged a $5 billion cost increase in the Joint Strike Fighter program. The aircraft is designed to be the main fighter of the Navy, Air Force and Marine Corps.

Credit Card Offer # Mobilization of National Guard and reserve personnel for the war on terrorism has committed the Pentagon to additional spending. Last fall the White House asked Congress for $22.2 billion for the mobilization and health care for these troops, as well as $1.1 billion for additional pay. The deployment of Guard and reserve troops to Iraq and Afghanistan is accelerating as regular troops rotate home.

Merchant Credit Guide Company # New payments to career servicemen, which Congress recently mandated, will add $84 million to the services' personnel costs this year. But as the number of eligible veterans grows, this cost will total $2.4 billion over the 2004-2008 period, according to an analysis by the Congressional Budget Office. Moreover, combat in Afghanistan and Iraq is creating tens of thousands of new veterans with life-long claims for health care and other benefits.

Bad Credit # Pork projects added into the defense budget seem to be increasing. According to Sen. John McCain (R-Ariz.), congressional "earmarks" for projects that neither the Pentagon nor the White House requested soared from $3.7 billion last year to $5.2 billion in the current year.

Collection Collection Complete These projects include $500,000 to renovate an aircraft hangar at Griffiss Air Force Base in Rome, N.Y., which was closed in 1995, and $4 million for the Ernest Gallo Clinic and Research Center in Emeryville, Calif., affiliated with the wine-making family, for research on the effects of alcohol on the brain.

Credit Counseling Congress also directed the Pentagon to pay $318.5 million for non-defense medical research.

Complete Credit Guide Higher "I would say that Congress is spending like a drunken sailor," McCain declared in a floor speech last summer. "But never in my naval career did I see a sailor drunk or sober act this irresponsibly."

Chase Credit Card By David Wood
Newhouse News Service - 1/20/2004

Topic: Military & War

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