Hope is Not a Foreign Policy » Barney Frank http://www.hopeisnotaforeignpolicy.org Conservative commentary on foreign policy, American politics, and current events Sun, 30 Oct 2011 16:57:53 +0000 en hourly 1 http://wordpress.org/?v=3.2.1 Holding the Line on Defense Spending http://www.hopeisnotaforeignpolicy.org/2008/11/09/holding-the-line-on-defense-spending/ http://www.hopeisnotaforeignpolicy.org/2008/11/09/holding-the-line-on-defense-spending/#comments Sun, 09 Nov 2008 16:38:44 +0000 Tom Skypek http://www.hopeisnotaforeignpolicy.org/?p=662 The leadership in Moscow wasted no time in sending their own special, congratulatory message to President-elect Barack Obama by announcing the deployment of short-range missiles on Poland’s border-a NATO member and strident ally of the United States. President-elect Obama has a tremendous opportunity in the coming months to build a perception of credibility on matters of national security both within Washington defense circles and foreign capitals that will serve him well during his time in office. He should resist calls by Congressional Democrats such as Rep. Barney Frank (D-MA) to cut defense spending. In fact, Mr. Obama should publicly articulate his intent to hold the line on defense spending for the foreseeable future.

Rep. Frank recently called for a 25% cut in defense spending. Cutting defense spending is the wrong message for a newly minted president to send to the world during a time of war. As Vice President-elect Joe Biden noted earlier this year during a primary debate, “Don’t tell me what you value, show me your budget and I will tell you what you value.”  Today, defense spending in the United States is a little more than 4% of Gross Domestic Product (GDP). This figure remains lower than the Cold War and Vietnam average of about 5.5%, according to a study by The Heritage Foundation.

Holding the line on defense spending would serve several purposes for the new president. First, it would send a clear message to the world that national security is Mr. Obama’s number one priority and that the will not gut the military as former President Bill Clinton did when he entered the White House in January 1993. This will lay the groundwork for an effective relationship between the Obama administration and the non-appointed civilian and military leadership in the Pentagon. Mr. Obama’s limited national security experience was viewed as his Achilles’ heel during the presidential campaign. By articulating a strong position on defense spending, he will allay concerns within the Pentagon, reassure America’s friends and allies and make clear to adversaries that his rhetoric is backed up by a well-funded United States military.

Second, Mr. Obama’s plans to increase the size of the Army by 65,000 soldiers and 27,000 Marines will require significant funding to recruit, train and equip. This expansion of ground forces, coupled with other commitments in Iraq and Afghanistan, will require Mr. Obama to maintain, if not increase, defense spending. Even if Mr. Obama proceeds with his planned withdrawal of troops in Iraq, this will likely be a slow process and will continue to require significant funding.

Third, this will show Republicans that Mr. Obama’s pledge of bipartisanship was more than a campaign promise. Republicans disillusioned from their electoral defeats will see accommodation in a decision that will benefit all stakeholders. Conservatives and Republicans will be looking for opportunities to support the new president and this issue is the perfect place to start.

]]> http://www.hopeisnotaforeignpolicy.org/2008/11/09/holding-the-line-on-defense-spending/feed/ 0 Rep. Barney Frank: Wrong on Fannie and Freddie http://www.hopeisnotaforeignpolicy.org/2008/09/29/rep-barney-frank-wrong-on-fannie-and-freddie/ http://www.hopeisnotaforeignpolicy.org/2008/09/29/rep-barney-frank-wrong-on-fannie-and-freddie/#comments Mon, 29 Sep 2008 23:15:37 +0000 Tom Skypek http://www.hopeisnotaforeignpolicy.org/?p=568

In 2006, Sen. McCain...]]> Today, 95 Democrats and 133 Republicans voted against the bailout legislation before the House of Representatives. In an inaccurate and partisan shot, Rep. Barney Frank said, “The Republicans killed this.” Of course, Rep. Frank conveniently ignores the fact the the legislation was opposed by a significant number of Democrats as well. In 2003, when former Secretary of the Treasury John Snow argued in favor of regulatory reform to provide improved oversight of Fannie Mae and Freddie Mac, Rep. Frank said, “Fannie Mae and Freddie Mac are not in crisis.” Rep. Frank was obviously dead wrong.

In 2006, Sen. McCain gave a speech on the Senate floor calling for a regulatory framework governing Fannie Mae and Freddie Mac. He said:

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac–known as Government-sponsored entities or GSEs–and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.

Sen. McCain has been out in front on this issue while Democrats like Rep. Frank have run in the other direction. Voters should remember this on Election Day. Defaulting to the Democrats on economic matters is a costly mistake.

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