President Obama has told incoming Secretary of Defense Leon Panetta to reduce military spending by 5 percent. That sounds modest. But given the enormity of the military budget, it will drain $33 billion a year from an already-struggling economy.
The Defense Department accounts for almost 20 percent of federal spending and about half of all discretionary spending. It employs 3 million people, including 700,000 civilians. All that makes it an attractive target for budget-cutters, according to...Full Story