Michael J. McCord, the U.S. Defense Department's comptroller, warns of dire consequences if more than $1 trillion in approved cuts to military spending over 10 years are allowed to take effect. The result would be the lowest number of ships since World War I, the smallest ground force since 1940 and the smallest Air Force ever, he recently told investors. But later in the same speech, McCord noted that if the full cuts kick in, the Pentagon budget would lose only about half of the 60% ...


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