U.S. Secretary Of Defense Panetta Offers His Own Proposals For Cuts In The Defense Budget

U.S. Defense Secretary Leon E. Panetta offers incense during his visit to Seoul National Cemetery after laying a wreath in honor of fallen South Korean and U.S. service members in Seoul, South Korea, Oct. 27, 2011. DOD photo by U.S. Air Force Tech. Sgt. Jacob N. Bailey

Report: Panetta Says Pentagon To Offer Cuts of Up to $260 Billion In 5-Year Budget -- FOX News

Defense Secretary Leon Panetta reportedly said Thursday that the Pentagon will slash up to $260 billion in spending in its five-year budget that will be released to Congress in February.

The cuts stem from the deficit-reduction deal President Obama struck with Congress in August to reduce the defense budget by as much as $450 billion over the next decade.

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