Robert Samuelson has a typically excellent column in the Washington Post today where he points out the dangers of looming sequestration–the requirement, enacted by Congress last summer, that more than $500 billion in defense spending will be cut next January along with the nearly $500 billion that has already been cut this year. Many lawmakers are talking as if it’s a done deal that sequestration will be put off at least for one year, but Samuelson isn’t so sure and neither am I. He writes that in November,
[o]ne party and perhaps both will be embittered by the election’s outcome. Congress will face two and possibly three highly contentious issues: the expiration of the Bush tax cuts of 2001 and 2003 at year-end; the looming start of the sequester; and, possibly, the need to raise the federal debt ceiling (the Bipartisan Policy Center estimates this could occur in November).
The confluence of so many big issues — with timetables — could inspire a grand compromise. It also could produce chaos. The sequester could take effect by default and confusion. The Obama administration’s continuing embrace of the sequester as a political lever, when it clearly hasn’t worked, makes this outcome more, not less, likely.
That’s exactly right. Add in the fact that defense companies will have to start cutbacks this year to meet the projected budget shortfall next year, and you have all the makings for an only-in-Washington disaster. Congress cannot wait until after the election to fix this mess. Action is needed now, and President Obama must lead the way, or else he will be remembered as the president responsible for the dismantling of the world’s greatest military.