The Good News In the Global Debt Crisis - Military Budgets Are Going To Be Cut

WASHINGTON — Whether or not America's politicians can find a way to sidestep the brutal automatic military cuts of sequestration, the era of rising Western spending on weapons and wars is over.

That reality increasingly is challenging major arms manufacturers, spurring them to look for new markets, cost cuts and mergers. It is also confronting policymakers with difficult political and strategic choices as new rivals, particularly China, spend more on their armed forces.

U.S. military spending still dwarfs that of other countries - the equivalent of the next 13 nations' spending by some estimates - but the global military balance is clearly shifting. With European states already cutting, the London-based International Institute for Strategic Studies this year reported that Asian military spending outstripped Europe's for the first time in several centuries.

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