Panetta on Pentagon Budget: 'Cutting Almost $500 Billion Is Not Chump Change'

In an interview Thursday after his news conference at the Pentagon, Defense Secretary Leon Panetta told Jeffrey Brown that the United States seeks to be a power in the Pacific and that defense budget cuts announced Thursday will be hard on the military and families, but he hopes a smaller, more flexible armed forces will emerge.

WNU Editor: The transcript of this interview can be read here.