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SLASHED Obama Announces Big Pentagon Cuts Saul Leob / Getty Images

Obama Announces Big Pentagon Cuts

Defense Secretary Leon Panetta and President Obama announced the new military budget Thursday that cuts troops by 10 to 15 percent. Part of the $450 billion in cuts also includes the delay of the F-35 Joint Strike Fighter jet, one of the most expensive weapons programs in history. One area that won't be cut, however, is the aircraft-carrier fleet. In a rare trip to the Pentagon briefing room, Obama insisted the U.S. will maintain its "military superiority" with fighting forces. The new military strategy will refocus on the Asia-Pacific region and less on the two wars that have dominated national security since Sept. 11.

January 5, 2012 1:00 PM