Panetta aims to cut billions from military budget

Tuesday - 1/3/2012, 10:03am EST

Defense Secretary Leon Panetta is set to offer his strategy for cutting billions from the military budget this week. He's also expected to say the Pentagon will maintain a fighting force large enough to win one major conflict at a time.

The New York Times reports, Pentagon officials are in final deliberations over cuts to everything from retirement and health benefits to the nuclear arsenal. It's part of a broader agreement to find $450 billion in cuts over a decade.

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