Defense spending drying up

Defense Secretary Robert Gates is trying to prepare the defense industry for a huge decline in defense spending. Fiscal concerns could cause the Pentagon to abandon some military missions, and reduce the size of the armed forces. He’s preparing to retire next month and in one of his last speeches, he told the American Enterprise Institute, that the days of post 9/11 unchallenged defense spend are numbered. He said neither the money nor the political support are there.

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