Puncturing the Hot Air Balloons on U.S. Defense Spending

In November, when lawmakers were discussing the U.S. defense budget, Defense Secretary Leon Panetta issued a dire warning: In a letter to Senators John McCain and Lindsey Graham, he wrote that a threatened deep reduction – about $1 trillion over the next decade – would create “an unacceptable risk in future combat operations.” It would, he said, leave America with the smallest Army since the eve of World War II, the smallest number of ships since World War I, and the smallest Air Force in its hi

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