Carter, who is our deputy secretary and plays a significant leadership role on this particular issue as well as others. It is a benefit to our country and it is a benefit to this institution, especially in a difficult time like this. I would not say anything more. A couple questions. Can you flesh out what Practical Impact the pentagon and its forces will see during sequestration versus three or four must from now. Over the next 8 weeks, what will we see . Let me start with the army. You will see the army beginning to curtail training at the National Training center. If we go to the air force, you will see the air force beginning to curb flying hours. That means the Nuclear Capable air force, that part of the air force participating in operations in afghanistan we will protect them. That means the cuts costs by sequestration and the continuing resolution will fall more heavily on other parts of the combat air force. They will need to cease training, which mean they means they will not
This on your car and therefore, the Auto Companies do it and charge people higher prices for their car, that may have a good benefit cost ratio but it doesnt show up as spending the money. So regulations is a substitute and tax expenditures are a substitute for spending. So you would need to have some complementary legislation or safety valve to prevent that you could tighten if all of a sudden the spending cap started to bind and edging into regulation and tax expenditures. The other is when you look at spending, there is this fundamental fact of arithmetic we cant get around that present discount of taxes has to equal future spending plus the National Debt. The government has to pay its bills now or later. A dollar of borrowing now means the interest tomorrow has to be raised to pay off the interest. So with that in mind, its very, very important that the spending caps be reasonable and bind and there is some mechanism by which we dont, even with reasonable spending caps, start conti