The Defense Department's weapons modernization accounts will be cut by $17.6 billion over the remainder of the fiscal year, accounting for 44 percent of $40 billion in military spending reductions now under way, according to Pentagon documents. On Friday, the so-called "penalty" phase of the sequester was imposed, meting out reductions required by law as a result of the congressional Joint Super Committee's failure in 2011 to identify a deficit-reduction plan. A second round of cuts -- the result of...
