Mr. WILSON of South Carolina. Mr. Speaker, The Hill newspaper published a special report a few weeks ago, bringing more attention to the very real threat of defense sequestration.
Many people are under the false impression that defense spending represents a significantly larger portion of the Federal budget than it truly does. The current budget of the Department of Defense represents 15.1 percent of the Federal budget. This chart shows that defense spending has declined over the last 20 years.
Sequestration represents a $1.2 trillion cut. Half of the $1.2 trillion comes from the defense budget. I do not believe that half of these cuts should come from 15.1 percent of the budget.
Additionally, sequestration will affect all areas of our national economy. It is projected that sequestration could cost 1 million American jobs and cause the unemployment rate to rise by an entire percentage point. We should pass the bill by Armed Services Committee Chairman Buck McKeon, which addresses the issue without tax increases.
In conclusion, God bless our troops, and we will never forget September the 11th in the global war on terrorism.
Congratulations, Mary and Jerry Howard of Lexington, South Carolina, on your 50th anniversary.