US defense spending rate of increase slowing down

according to the Congressional Budget Office:

“Outlays for defense rose by 4.7 percent in 2010, lower than the previous year’s increase of 7.1 percent and
about half the average annual growth rate of 8.8 percent over the past decade. The 3.4 percent rise in spending
for procurement was markedly lower than recent double-digit growth, and spending on research and
development declined by 2.6 percent—the first drop since 1999.”

The total defense spending in 2010 was $667 billion, of which nearly one-quarter was associated with operations in Iraq and Afghanistan.

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