With the Pentagon’s base budget — which does not include war costs — forecast to hit 3.5% of GDP in 2013, a jump to 4% would mean an increase of around $100 billion dollars in defense spending in 2013. [...]
Compared to the Pentagon’s current budget, Romney’s plan would lead to $2.1 trillion in additional spending over the next ten years, according to an analysis conducted for CNNMoney by Travis Sharp, a budget expert at the Center for a New American Security.
And that number assumes a gradual increase to 4% of GDP. The additional spending would hit $2.3 trillion over a decade if the Pentagon’s budget were to immediately jump to 4% of GDP.
And Romney has not said how he’d pay for it. CNN notes that the “lack of detail means that Romney’s claim of moving toward a balanced budget requires a great deal of trust.” On top of increased military spending, Romney plans on expanding on the Bush tax cuts but has also not said how he would pay for them. Read more......