Defense Secretary Leon Panetta and Joints Chief of Staff Chairman Gen. Martin Dempsey were back on Capitol Hill Tuesday to testify before the Senate Budget Committee on the President’s 2013 military budget request. Secretary Panetta warned Senators against additional budget cuts because it would “hollow out” the military with “devastating” results for national defense. The budget calls for $525.4 billion, a 1% decrease in discretionary spending from last year and $487 billion in cuts over the next decade.
The Pentagon is under a threat of additional budget cuts as a result of last year's deficit-reduction deal. If Congress is unable to agree on a new plan for spending cuts or additional taxes, the Defense budget will be cut by $1 trillion over the next ten years.