New Defense Secretary Warns Of Doomsday

Defense Secretary Leon Panetta used his first news conference to warn of doomsday if DoD budget cutting goes too far. Panetta told reporters, the military could handle the initial $350 billion worth of cuts called for in this week's debt-ceiling agreement. But that agreement could take another $500 billion dollars from DoD over the next ten years, which Panetta called "completely unacceptable" and dangerous to national security. He said Congress should also consider tax hikes and reductions in entitlement spending to ease the fiscal crisis.