First, We Get a Second Mortgage for the Pentagon ?
If the United States were to declare war next week, it would be financed much the same way as its two most recent wars, says Todd Harrison, a senior fellow for defense-budget studies at the nonprofit Center for Strategic and Budgetary Assessments. Congress would allocate emergency cash outside the normal budget process. That would mean more borrowing, though probably not enough to run up against the debt ceiling. It would not directly affect the supercommittee?s negotiation, though there?s little doubt it would add to the pressure, both for cuts and for possible revenue increases. It might not even cost the U.S. its triple-A bond rating, though it could mean that the other ratings agencies join S&P in a minor downgrade, depending on the political and economic climate.
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