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Mr. Franks keeps lowering his spending target and now says he hopes to spend $4 million.
Clegg stopped short of committing his own party to the defence spending target.
2009 5 March: The Bank of England launches its QE programme with an initial spending target of £75bn.
"Every Labour government since Attlee's has met Nato's spending target of at least 2% of GDP, every single year.
Lithuania, which recently reintroduced conscription and expects to meet the Nato spending target next year, has no quibbles with that.
Defence spending in the UK will continue to meet the Nato defence spending target of 2%, says the chancellor, George Osborne.
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Only three states met or surpassed the suggested spending targets: Maine, Delaware and Colorado.
They are goal-oriented, and spending targets give them something to aim for.
Still, Greek officials are contemplating changes in their spending targets to reflect the lower revenue.
On Thursday, Senate Republican leaders said they would abide by the spending targets in the budget deal.
Parliament's international development committee has previously warned that pressure to meet spending targets can result in poor decision-making.
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