U.S. Military Braces for Automatic Budget Cuts

We should be so lucky

The part of the U.S. government set to be hurt the most if U.S. lawmakers and the White House don't reach a budget deal is the Defense Department, which is set to take about half the budget cuts. Discussions have been going on at the Pentagon on where the U.S. military will have to make nearly 10 percent reductions totaling $500 billion in the next decade.

The cuts are set to be massive, $50 billion a year for 10 years, and so are the consequences.  

That's the warning from officials including the nation's top military officer, General Martin Dempsey.