Department of Defense to Suffer From Federal Budget Cuts

By Daniela Salvador

July 17, 2012 Updated Jul 17, 2012 at 4:35 PM EST

Undated (Indiana’s NewsCenter) – The threatening federal budget cuts could kill defense spending.

The Department of Defense will lose $55 billion in January and nearly $500 billion over a decade.

Those cuts will translate to the loss of more than a million defense-related jobs, according to a new report conducted for the Aerospace Industries Association.

The budget cuts are the consequence of the failure of a bipartisan panel to cut the deficit by more than a trillion dollar and affect more than just the Defense Department.

The report found the across the board cuts would reduce the nation's gross domestic product by $215 billion next year.

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