I do not intend to dispute in any way the need for defence cuts and the need for government spending cuts in general. I do not share a not in my backyard approach to government spending reductions.

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The claim made by Team Obama that every dollar in stimulus translates into a dollar-and-a-half in growth is economic fiction. The costs of stimulus reduce future growth. No country has ever spent itself to prosperity. The price of stimulus has to be paid sometime.