Defense facing cuts up to $850 billion over decade (AP)

From left, Sen. Charles Schumer, D-NY, Sen. Carl Levin, D-Mich., and Sen. Ben Cardin, D-Md., huddle on  Capitol Hill in Washington, Monday, Aug. 1, 2011, as they emerge from a closed door caucus as lawmakers work to help finalize the debt deal agreed on by Republicans and Democrats to avert a default.  (AP Photo/J. Scott Applewhite)AP - A military fighting three wars is staring down budget cuts of up to $850 billion over a decade, some of the deepest reductions since the end of the Cold War. Yet under the compromise struck by President Barack Obama and congressional leaders to avert the nation's first-ever financial default, the near-term impact on the troops, aircraft, ships and weapons may be far less onerous than Republicans and Democrats fear.


Source: http://us.rd.yahoo.com/dailynews/rss/obama/*http://news.yahoo.com/s/ap/20110801/ap_on_bi_ge/us_debt_showdown_defense

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