Romney Campaign Press Release - President Obama's "Devastating" Defense Cuts

"With the economy stuck in another summer slump, President Obama is doubling-down on his failed policies by pushing defense cuts that will jeopardize millions of jobs and our country's military readiness. That's why even the President's own Defense Secretary warned that the cuts would be 'devastating.' As president, Mitt Romney will restore our military's strength and rebuild our economy." — Andrea Saul, Romney Campaign Spokesperson

President Obama Has Proposed And Implemented Nearly $1 Trillion In Defense Cuts:

President Obama's Latest Budget Proposed Nearly Half A Trillion Dollars In Defense Cuts Over The Next Ten Years. "An array of military programs, from fighter jets to retiree benefits, would be nicked to squeeze savings in the Pentagon's $525 billion budget for 2013, according to officials and documents released Monday. The proposed 2013 budget represents the Pentagon's first installment in a plan to reduce its projected spending by $487 billion over 10 years. Congress must approve the changes." (Tom Vanden Brook, "Pentagon Budget Calls For Cuts To Jets, Benefits," USA Today, 2/13/12)

Sequestration Will Lead To More Than $500 Billion In Defense Cuts. "Defense Secretary Leon Panetta has become the loudest and most effective opponent of the cuts. And congressional Republicans fiercely protective of the Pentagon have aggressively drawn attention to the need to stave off the more than $500 billion in cuts that begin next year." (Seung Min Kim, "Domestic Programs Gird For Sequester," Politico, 7/18/12)

Just Days Ago, President Obama Refused To "Entertain Any Talk About Separating" Defense Cuts From Other Spending Reductions. "Obama told Democratic leaders he would refuse to entertain any talk about separating $550 billion in defense cuts from the overall $1.2 trillion in across-the-board spending reductions set by law to kick in next year — despite repeated demands from GOP leaders and the Pentagon to do so." (John Bresnahan And Manu Raju, "The Democrats Play Hardball," Politico, 7/16/12)

But Studies And Experts Have Highlighted The "Devastating" Impact Of President Obama's Cuts On Jobs And Military Readiness:

President Obama's Total Defense Cuts Would Put More Than 1 Million Jobs At Risk And Increase Unemployment "By Nearly 1 Percentage Point In The Near Term." "'Sequestration ($1 trillion in cuts) assumes across the board spending cuts with losses peaking in the 2013-2014 time period, with 1 million to 1.5 million jobs lost and that could increase the U.S. unemployment rate by nearly 1 percentage point in the near term,' said Lt. Col. Elizabeth Robbins, a spokeswoman of the Department of Defense." (Sean Gorman, "Rep. Randy Forbes Says 1.53 Million Defense Jobs Are 'At Risk,'" Politifact, 10/12/11)

• Other Studies Have Estimated Job Losses From President Obama's Defense Cuts At More Than 2 Million. "According to the study of the economic impact of the 2011 Budget Control Act on the Defense Department and other federal agencies, the budget-cutting tool known as sequestration would reduce the nation's gross domestic product by $215 billion, decrease personal earnings of the workforce by $109.4 billion, and cost the economy 2.14 million jobs — with the most severe impact coming in 2013 in what is shaping up to be a continually weak economy." (Charles S. Clark, "Sequestration Will Cost 2.14 Million Jobs, Study Says," National Journal, 7/17/12)

Defense Secretary Leon Panetta Says Defense Cuts Will Result In The "Smallest Ground Force Since 1940, The Smallest Number Of Ships Since 1915 And The Smallest Air Force In Its History." "Defense Secretary Leon Panetta spelled out a doomsday scenario Monday that he said could occur if Congress fails to take action to avoid a $1 trillion cut in defense spending over the next decade. Panetta, responding to a letter from Republican Senators John McCain and Lindsay Graham, said cuts of nearly $100 billion a year would leave the United States with its smallest ground force since 1940, the smallest number of ships since 1915 and the smallest air force in its history." (David Alexander, "Panetta Spells Out Budget Cut Doomsday Fears," Reuters, 11/14/11)

• "'The Impacts Of These Cuts Would Be Devastating For The Department,' Panetta Wrote Monday In His Letter, Which Was Released By The Senators." (David Alexander, "Panetta Spells Out Budget Cut Doomsday Fears," Reuters, 11/14/11)

And Returning Veterans Are Already Struggling To Find Work In The Obama Economy:

In June, Gulf War Era II Veterans Had An Unemployment Rate Of 9.5%. (Bureau Of Labor Statistics, www.bls.gov, 7/23/12)

• Nearly One In Four Young Gulf War Era II Veterans Were Unemployed In June. ("The Employment Situation Of Veterans," Syracuse University, 7/2012)

Women Gulf War Era II Veterans Have An Even Higher Unemployment Rate At 10.1%. (Bureau Of Labor Statistics, www.bls.gov, 7/23/12)

The United States Has 806,000 Unemployed Veterans. (Bureau Of Labor Statistics, www.bls.gov, 7/23/12)