THE DAILY FED
Clinton Plan Thwarted
The Clinton administration's plan to save defense dollars by closing more military bases has hit a road block, according to the Associated Press.
The House National Security military installations subcommittee on Wednesday approved a $9.1 billion measure to fund construction of military facilities around the country. However, the subcommittee failed to allott any money for a proposed 1999 base closure round, lobbied by Defense Secretary William Cohen.
"We've spent so much money closing bases that until we can get our arms around it, it's too soon for another round," subcommittee chairman Rep. Joel Hefley, R-Colo., told the Associated Press.
A few days prior to the subcommittee's action,Cohen asked Congress for a $1.1 billion increase in military spending to cover missile and weapon defenses as well as Armed Forces training. Cohen said the closure of bases would help to cover these types of spending demands.