The Madness Continues

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Lawmakers on the defense committees are fired up and motivated to find a way to prevent a $500 billion reduction in Pentagon spending next year. But that doesn’t mean that the rest of Congress is as ready to go along. Here’s a round-up (subscription required) of the discussion on Capitol Hill, in industry and among analysts on the penalty for failing to reach a deficit deal with that the fancy French label, sequestration.

The story is out in this week’s AWST, but it’s a moving target. Already Rep. Buck McKeon (R-Calif.) and other Republicans on the House Armed Services Committee sent a letter to Sen. Harry Reid (D-Nevada) June 27 telling him to get a proposal to avert sequestration on the Senate floor.

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