NEWS FLASH

Cantor Plans To Replace Military Spending Cuts With Other Offsets | House Majority Leader Eric Cantor (R-VA) said yesterday that he plans to replace the automatic $600 billion in military spending cuts that were triggered by the super committee’s failure last year with offsets elsewhere in the federal budget. Cantor said he wants to first find enough cuts to replace $60 billion in military spending cuts set for next year but acknowledged that finding cuts to replace the entire $600 billion spread out over 10 years would be difficult. “So if 10 years is a problem, then let’s go back and maybe we can find one year’s worth of pay-for that can at least stave off the sequester from being implemented Jan. 1, 2013, so that maybe we can have this election take place and be able to avoid it,” Canton said.