Panetta: Congress ‘On The Clock’ to Avert Sequestration

"...First on the list is averting sequestration before it takes effect Jan. 2, Panetta said. Unless Congress decides on an alternative by that date, a sequestration provision in budget law requires an additional $500 billion in defense spending cuts over the next decade, on top of a $487 billion spending reduction already in effect for that period..." Read More HERE