U.S. Defense Secretary Leon E. Panetta offers incense during his visit to Seoul National Cemetery after laying a wreath in honor of fallen South Korean and U.S. service members in Seoul, South Korea, Oct. 27, 2011. DOD photo by U.S. Air Force Tech. Sgt. Jacob N. BaileyReport: Panetta Says Pentagon To Offer Cuts of Up to $260 Billion In 5-Year Budget -- FOX News
Defense Secretary Leon Panetta reportedly said Thursday that the Pentagon will slash up to $260 billion in spending in its five-year budget that will be released to Congress in February.
The cuts stem from the deficit-reduction deal President Obama struck with Congress in August to reduce the defense budget by as much as $450 billion over the next decade.
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