A Trillion Dollars Worth of Defense Cuts

An update from CongressDaily:

A bipartisan group House and Senate members led by House Financial Services Chairman Barney Frank today unveiled nearly $1 trillion in defense savings over the next 10 years to help bring down the deficit. The group, made up of Frank, Sen. Ron Wyden, D-Ore., and Reps. Lynn Woolsey, D-Calif., Walter Jones, R-N.C., and Ron Paul, R-Texas, commissioned a report by outside experts, that among other things, proposes reducing the U.S. nuclear arsenal by 1,000 warheads and canceling the acquisition of the F-35 fighter jet. Frank said he would encourage colleagues to pressure President Obama's deficit reduction commission to include the changes in any formal proposal.

More to come on this later.