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...bailout plan in some kind of perspective: Paulson would rule over a pile of assets that exceeds the annual Pentagon budget of $507 billion by nearly 50%. For at least the next year, and perhaps for years after, Treasury's spending authority will make it harder for the next President to fulfill campaign promises and pump money into new priorities. Depending on how Paulson's power is structured, it could even postpone new federal spending on health-care reform or infrastructure improvements, or hasten the need for increased taxes and deep spending cuts. A similar challenge faced incoming President George...

Author: /time Magazine | Title: After the Financial Crisis, a Cleanup That Changes Everything | 9/22/2008 | See Source »

...soil, Washington decided earlier this month to take matters into its own hands. The first known ground assault of the campaign, staged by U.S. Special Operations troops in Angoor Adda, a village in South Waziristan, was followed by stepped up air strikes on suspected militants by pilotless drones. Pentagon officials had suggested in recent weeks that the U.S. would be "testing" the new Pakistani government by stepping up its attacks in western Pakistan to gauge Islamabad's reaction. Previously, U.S. actions had been been limited to launching missile strikes or hot pursuits into Pakistani territory without the consent...

Author: /time Magazine | Title: Pakistan vs. US Raids: How Bad a Rift? | 9/18/2008 | See Source »

...Thus far, the Pentagon has authorized only a modest withdrawal, planning to bring home 8,000 troops by February, leaving behind some 138,000. Further troop withdrawals will be influenced by events on the ground, and also by the outcome of the U.S. presidential elections. Iraqi officials want all U.S. troops out by 2011. Republican presidential candidate John McCain has refused to set a timetable, while his Democratic opponent, Barack Obama, has pledged to withdraw all U.S. combat troops within 16 months of taking office...

Author: /time Magazine | Title: General Petraeus' Farewell: What He Leaves Behind in Iraq | 9/16/2008 | See Source »

...Youngstown, Ohio, the Obama campaign has released lists of earmarks those places have benefited from. And in a speech to aerospace workers, Obama himself recently accused McCain of hurting the American economy by battling Boeing, even though McCain's investigations into a sweetheart deal for Boeing helped expose a Pentagon scandal...

Author: /time Magazine | Title: Could McCain's Crusade Against Pork Backfire? | 9/15/2008 | See Source »

...Torie Clarke, the Pentagon's communications chief during the early years of George W. Bush's presidency and former Assistant Secretary of Defense for Public Affairs under Donald Rumsfeld, published in February 2006 Lipstick on a Pig: Winning In the No-Spin Era by Someone Who Knows the Game. Clarke, who also served at one time as McCain's press secretary, argues in the book that sugarcoating bad policy doesn't make the policy any better. "A bad story is still a bad story...

Author: /time Magazine | Title: A Brief History Of: 'Putting Lipstick on a Pig' | 9/11/2008 | See Source »

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