Panetta: America could become ‘second rate’ power

The United States is at risk of becoming a second-rate power if automatic budget cuts go into effect, plunging the U.S. armed forces into the most significant readiness crisis they’ve faced in more than a decade, Defense Secretary Leon Panetta warned Thursday.

Panetta, who is retiring soon from his post, told the Senate Armed Services Committee that if the reductions are allowed to stand he would have to throw the country’s national defense strategy “out the window.”

But Panetta also assured lawmakers the Pentagon would take the steps necessary to deal with possible threats in the Persian Gulf region after he approved the Navy’s request to halve its aircraft carrier presence in the area.

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