Barney Frank: Let’s cut military spending by 25%

What a surprise. In addition to chomping at the bit to find “rich people to tax,” a top liberal Democrat in the House is licking his chops at the idea of trying to cut military spending by 25% during an Obama administration. And with what may be a supermajority in the House and Senate, who would stop him?

“The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disastrous scenarios. And even if there were a problem, the Federal Government doesn’t bail them out. But the more pressure there is there, then the less I think we see in terms of affordable housing.”Barney Frank, September 2003