BR100 Increased By (0.12%)
BR30 Increased By (0.28%)
KSE100 Increased By (0.26%)
KSE30 Increased By (0.26%)
AGHA 7.63 Increased By ▲ 0.04 (0.53%)
BECO 5.57 Increased By ▲ 0.06 (1.09%)
BML 59.74 Increased By ▲ 0.66 (1.12%)
BOP 34.40 Increased By ▲ 0.29 (0.85%)
CNERGY 13.11 Increased By ▲ 0.27 (2.1%)
CSIL 6.41 Increased By ▲ 0.31 (5.08%)
FCCL 58.06 Increased By ▲ 0.40 (0.69%)
FFL 16.23 Increased By ▲ 0.03 (0.19%)
FNEL 1.21 No Change ▼ 0.00 (0%)
KEL 7.43 Decreased By ▼ -0.05 (-0.67%)
KOSM 6.03 Increased By ▲ 0.09 (1.52%)
LOTCHEM 27.67 Decreased By ▼ -0.32 (-1.14%)
MLCF 102.75 Increased By ▲ 2.10 (2.09%)
NBP 205.06 Increased By ▲ 1.31 (0.64%)
NCPL 59.63 Decreased By ▼ -0.94 (-1.55%)
NPL 68.56 Decreased By ▼ -1.40 (-2%)
OGDC 318.92 Decreased By ▼ -1.37 (-0.43%)
PACE 11.05 Decreased By ▼ -0.05 (-0.45%)
PAEL 43.10 Decreased By ▼ -0.02 (-0.05%)
PIBTL 16.63 Increased By ▲ 0.07 (0.42%)
PPL 229.45 Increased By ▲ 0.61 (0.27%)
PRL 70.80 Decreased By ▼ -0.22 (-0.31%)
PTC 71.00 Decreased By ▼ -0.65 (-0.91%)
SSGC 27.41 Increased By ▲ 0.73 (2.74%)
TBL 10.31 Increased By ▲ 0.50 (5.1%)
TELE 8.53 Decreased By ▼ -0.08 (-0.93%)
TPL 23.06 Increased By ▲ 0.82 (3.69%)
TPLP 15.76 Increased By ▲ 0.65 (4.3%)
TREET 24.71 Increased By ▲ 0.58 (2.4%)
TRG 60.29 Increased By ▲ 0.45 (0.75%)
World

Panetta slams US debt committee failure

Published Updated

leonWASHINGTON: US Defence Secretary Leon Panetta on Monday called on Congress to reach a deficit-cutting deal after a "supercommittee" failed to do so, warning that automatic spending cuts would gut the military.

Panetta, saying he had "never been so concerned" about the ability of lawmakers to solve the nation's problems in his four decades of public service, warned that slashing defense spending would result in a "hollow force."

The bipartisan committee said Monday it had failed to find a way to cut US deficits by $1.2 trillion over 10 years, meaning that tough automatic cuts to domestic and military spending will occur in January 2013 without a new deal.

"The failure of the Congressional Supercommittee to reach an agreement on deficit reduction is a setback for the country's efforts to achieve fiscal responsibility while protecting our national security," Panetta said.

"If Congress fails to act over the next year, the Department of Defense will face devastating, automatic, across-the-board cuts that will tear a seam in the nation's defense."

"In my four decades involved with public service, I have never been more concerned about the ability of Congress to forge common-sense solutions to the nation's pressing problems," Panetta said in a statement.

For weeks, Panetta has offered stark warnings that the automatic cuts to the Pentagon's budget would leave the military slower, weaker and smaller than at any time since World War II.

"The half-trillion in additional cuts demanded by sequester would lead to a hollow force incapable of sustaining the missions it is assigned," he said.

"If implemented, sequester would also jeopardize our ability to provide our troops and their families with the benefits and the support they have been promised. Our troops deserve better, and our nation demands better."

He urged lawmakers not to repeal the sequester requirement for automatic spending cuts, but indeed to strike a new deal for $1.2 trillion in deficit reduction.

Copyright AFP (Agence France-Presse), 2011

Comments

Comments are closed for this article.