Panetta Warns of ‘Paper Tiger’ U.S. if Super Committee Fails: Confirms $260B Cuts

Pentagon: It’s official: the Pentagon will get roughly halfway to the Obama administration’s goal of cutting up to $500 billion in defense spending over the next five years. Department officials will finalize details of the $260 billion in cuts “in the coming weeks,” Defense Secretary Leon Panetta said today. Those will be part of the…