Defense Cuts: How Do You Buy 1.8 Submarines?

Congress created a monster when it decided that the entire government will face across-the-board cuts in January, unless an agreement on deficit reduction is reached.

The deadline for the automatic spending cuts — called sequestration — is now approaching, and the Pentagon, Congress and the defense industry say those cuts would be horrible.

The Pentagon, perhaps the world's premier planning agency, views the threat of a 10 percent budget cut like an invasion from Mars. It's too awful, too scary and, as Pentagon press secretary George Little puts it, too "absurd."

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