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U.S. Military to have major budget cut over next 10 years

The U.S. military will reduce its budget by nearly $500 billion over the next 10 years.

The changes are a result of congress not being able to agree on more specific cuts during last year's debt ceiling extension vote.

“In this budget, we plan to gradually resize the active army to 490,000,” said Defense Secretary Leon Panetta. “That's down from present force level of 562,000 and the active Marine Corps will go to 182,000.  That's down from 202,000.”

Those cuts will begin in October, with a budget that’s $33 billion smaller than the current one.

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