New Five-Year Budget Will Incorporate $250B in Cuts, Panetta Says
The five-year budget the Pentagon sends to Congress next February along with its fiscal 2013 budget request will include about $250 billion to $260 billion in cuts compared to the existing future years defense program, Defense Secretary Leon Panetta told reporters in Seoul Thursday.
The reduction will satisfy a little more than half of the $450 billion in savings the department needs to uncover over the coming decade as a result of August’s agreement to raise the nation’s debt limit. February’s release of a new five-year budget could be the first time the outcome of the department’s review of the nation’s missions, capabilities and roles is revealed.
“Between now and then, that’s the period we’ve got to make decisions as to the specifics involved, so that the budget can be brought together at that time,” Panetta said.