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It would continue to reduce the deficit on current spending, closing it altogether by 2020.
The Congressional Budget Office estimates that war spending in Afghanistan and elsewhere could total $1.4 trillion over the next decade based on current spending levels.
The long-term health of the UK's research base and of the economy as a whole should not be jeopardised by a retrenchment on current spending commitments.
Costs for the National Health Service are also growing rapidly and a £30bn shortfall on current spending is predicted by health chiefs as early as 2020.
In the Budget, this year's expected £11bn deficit on current spending is turned around, as the economy accelerates, to become a £1bn surplus by 2007-8.
Indeed, in the past year, the deficit on current spending hardly changed, with almost all the reduction in the total deficit coming from cuts in investment spending.
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"The re-competition [sic] of these contracts offers the market an opportunity of significant scale (based on current spend, the total contract value is likely to be in the region of £1bn)," says the Ministry of Justice in its latest competition strategy document.
True, state and local governments do have to make annual interest payments on their bonds, but these payments represent a modest 4 percent to 5 percent on the whole of current spending — no more than in the late 1970s.
These foreign-currency debts would become costlier to repay, and "would probably cause some financial institutions to fail .Conditions in the financial markets have also, indirectly, deprived the near-broke Russian government of revenues that it was counting on for current spending needs.
This number is roughly equal to current spending on the military.
The federal 18.4 cent-a-gallon gasoline and 24.4 cent-a-gallon diesel taxes are no longer enough to pay for current spending on highway and transit programs.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com