Rep. Barney Frank (D-MA), the ranking Democratic member on the House Financial Services Committee, is blaming military spending for the recent S&P move to downgrade the U.S. credit rating. Unlike some DoD officials, Rep. Frank is not blaming the cost of military pay and compensation, his issue is with the amount of money spent to on being "the military policemen of the world." Frank told CBS's "The Early Show" that reining in defense spending is "going to be my mantra."
The Congressman says the credit reversal "could change our thinking" and the influence the military has in politics. According to Frank, the military is a logical target for spending cuts and $200 billion could be saved by reducing the U.S. military presence in the world.
Getting the U.S. military out of the role of "world policemen" isn't going to happen anytime soon. This means that military pay and compensation may end up being the logical "soft" target for Frank’s military spending cuts.