The Pentagon has announced that in 2018, there will be a financial audit of the Department of Defense, the first one in its history. The Defense Department’s comptroller, David L. Norquist, said that “Beginning in 2018, our audits will occur annually, with reports issued Nov. 15.”
2,400 auditors will carry out the duties, going through the various records and examining bases, weapons, and property from the Department of Defense, an estimated $2.4 trillion in assets. In an interview with DefenseNews in August, Norquist called the audit, “a great opportunity.”
This comes amidst the House and Senate sending a $700 billion defense bill to President Trump’s desk, a total that’s far above the spending caps laid out in the 2011 Budget Control Act. Congress would have to raise these caps in order to enact the defense bill and Democrats will likely want an increase in non-defense discretionary spending to supplement this deal.
The news of the audit comes at an opportune time when many are pushing for an increase in defense spending. It is important that Pentagon leadership keeps track of every dollar they receive and that all of their resources are going to protecting our national defense. At a time when spending seems to grow year after year, this is a step in the right direction.
Today, Institute founder and president Jonathan Bydlak spoke alongside Heritage scholars Romina Boccia and Justin Bogie, as well as Heritage Foundation Distinguished Visiting Fellow and Trump 2016 economic advisor Steve Moore.
The event, “Fiscal Responsibility and the Budget Control Act,” brought together dozens of Capitol Hill staffers to discuss the Budget Control Act’s successes and shortcomings, and we’ll explore key reforms to strengthen fiscal controls in Congress.
At a time when the future of fiscal rules and restraint is more at risk than ever, this event could not be better timed. We’re thrilled to have the opportunity to address this important issue to those who work on the budget every day, and will work to remain a resource and guide on these crucial issues in the coming budget season.
Writing today in National Review Online, Institute founder and president Jonathan Bydlak and Heritage Foundation scholar Romina Boccia write about a troubling trend among lawmakers — ignoring spending.
What’s driving lawmakers to blow through budget caps established in the Budget Control Act? There is bipartisan support for a big spending increase to build up our military. Beyond that, some Republicans will object if the deal does not include funding for Trump’s long-promised border wall. As for the Democrats, they are all but sure to object to any deal that doesn’t match defense-spending increases with equal increases for domestic programs.
What’s missing from the discussion are the fiscal hawks who have helped to ensure that every other budget-cap deal struck since 2011 included spending offsets. Where have they flown?
Read the full piece here.