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Federal Spending Cuts Already Hitting The Military

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Sequestration. It's a big Washington, D.C. word that means the government is preparing to cut $1.2 trillion from the American budget starting March first. But the cuts are already hitting the military.The USS Truman was scheduled to pull out of Norfolk, Virginia tomorrow to head to the Persian Gulf. But Wednesday afternoon word came that the Truman will stay in port, in order to save money.

The Pentagon is cutting U.S. Aircraft carriers presence overseas ahead of $55 billion in budget cuts that kick in March first. (

 The idea behind sequestration was that the budget cuts were supposed to be so objectionable here on Capitol Hill that Congress would agree on alternatives. That's proven to be easier said than done. If Washington can't agree on a plan, some economists say up to one million people could lose their jobs. Secretary Panetta says the DOD is preparing to furlough as many as 800-thousand civilian workers and another 46-thousand face losing their jobs altogether as a result of the cuts to the military.