NEW YORK -- The Pentagon's fiscal year 2013 budget proposal will be cut by at least $40 billion, followed by cuts of roughly $50 billion annually for a decade, to comply with spending caps Congress and the White House agreed to in August, a senior Defense Department official said today. Michael McCord, the Pentagon's deputy comptroller, also said the White House Office of Management and Budget has issued "pass-back" fiscal guidance to the Defense Department for FY-13, setting the stage...
