As part of the debt ceiling agreement reached in August, at least $350 billion is to be cut from the security budget over the next 10 years. The unemployment rate currently sits at 9.1 percent.
If Congress does not enact deficit reductions by Nov. 24, another $500 billion will automatically be cut from defense spending.
“We would be looking at, in all likelihood, the smallest Army and Marine Corps in decades, the smallest tactical Air Force since [that branch of the service] was established, and the smallest Navy in nearly 100 years,” said George Little, the Pentagon press secretary.
Panetta has previously said any cuts beyond the $350 billion amount already enacted would be “dangerous” to national security.
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