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Pentagon, defense industry brace for looming spending cuts | Fox News

With Washington so far unable to avert the looming fiscal crisis, much of the attention has been on the more than $500 billion in tax hikes set to take effect Jan. 1. 

But failure to strike a deal also means the first wave of roughly $1.2 trillion in spending cuts will hit starting next month. 

via www.foxnews.com

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