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Defense Department

Defense Secretary Leon Panetta outlines the main areas of proposed spending cuts during a news conference at the Pentagon, Thursday, Jan., 26, 2012. (AP Photo/Pablo Martinez Monsivais)

New round of military base closures announced

Donna Cassata, Robert Burns The Associated Press

Last updated Thursday, January 26, 2012 - 5:04pm

WASHINGTON -- Pentagon leaders outlined a plan Thursday for absorbing $487 billion in defense cuts over the coming decade by announcing a new round of base closures, shrinking U.S. ground forces, slowing the purchase of a next-generation stealth fighter and retiring older planes and ships.

Budget cuts, Congress, Defense Department, Leon Panetta, Pentagon, Rep. Rob Bishop, U.S. Air Force, Military, National Read more Comments

Sec. of Defense Leon Panetta, left, and Chairman of the Joint Chiefs of Staff Gen. Martin E. Dempsey, right, outline the main areas of proposed spending cuts during a news conference at the Pentagon in Washington, Thursday, Jan., 26, 2012. (AP Photo/Pablo Martinez Monsivais)

Defense Department nowhere near ready for financial audit

Trish Choate Wichita Falls Times Record

Last updated Thursday, January 26, 2012 - 3:54pm

WASHINGTON -- The Department of Defense has waged war on two fronts in the Middle East, kept complicated fighter, bomber and transport aircraft flying all over the world and schooled troops in high-level intelligence gathering, but it hasn't won the battle of the balance sheet after more than 20 years of engagement.

It's not that the department can't pass a routine financial audit, giving taxpayers an assurance the Pentagon knows how its spending their dollars in these tight budget times.

It's worse than that.

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