Murtha: Wall Street Bailout Will Squeeze Future Defense Budgets (Updated)

By John Reed, Jason Sherman / September 24, 2008 at 5:00 AM
Editor's Note: This article was updated on Sept. 25 with additional quotes from White House officials. The $700 billion taxpayer-financed bailout package the Bush administration has proposed for Wall Street will compound pressures on the federal budget and force reductions to military spending, Rep. John Murtha (D-PA), the chairman of the House Appropriations defense subcommittee, predicted in an exclusive interview with . Murtha, who wields enormous influence over Pentagon spending, said the Bush administration's plan to try to steady...

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