Secretary of Defense Chuck Hagel announced he would be trimming the Pentagon headquarters' budget by 20% starting in 2014.
Secretary of Defense Chuck Hagel announced he would be trimming the Pentagon headquarters' budget by 20% starting in 2014.

Pentagon Budget to be Cut By 20% to Save $1B in Jobs, Contracts

Secretary of Defense Chuck Hagel announced he would be trimming the Pentagon headquarters' budget by 20% starting in 2014.

Secretary of Defense Chuck Hagel announced he would be trimming the Pentagon headquarters’ budget by 20% starting in 2014, in order to save $1 billion over a five-year period. The new budget will result in job cuts and a reduction of contracts with private companies.

“These reductions are only a first step in DoD’s efforts to realign defense spending to meet new fiscal realities and strategic priorities,” Hagel said.

The cuts would trim $1 billion from 2014 through 2019. Roughly 200 workers from Hagel’s own team of 2,400 will be the first jobs to be cut.

Read more at http://money.cnn.com/2013/12/04/news/economy/pentagon-budget-cuts/index.html

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