Thursday, August 4, 2011

Pentagon sounds alarm over budget cuts

A senior Pentagon official warned Wednesday that the military would be forced to furlough or lay off thousands of employees if it is required to cut an additional $600 billion from the defense budget.

The $600 billion in new cuts would only kick in if a bipartisan congressional panel, to be named this month, cannot reach agreement on $1.2 trillion in budget savings over the next decade.

A senior Pentagon official warned Wednesday that the military would be forced to furlough or lay off thousands of employees if it is required to cut an additional $600 billion from the defense budget.

The $600 billion in new cuts would only kick in if a bipartisan congressional panel, to be named this month, cannot reach agreement on $1.2 trillion in budget savings over the next decade.