Obama Announces Big Pentagon Cuts

Defense Secretary Leon Panetta and President Obama announced the new military budget Thursday that cuts troops by 10 to 15 percent. Part of the $450 billion in cuts also includes the delay of the F-35 Joint Strike Fighter jet, one of the most expensive weapons programs in history. One area that won't be cut, however, is the aircraft-carrier fleet. In a rare trip to the Pentagon briefing room, Obama insisted the U.S. will maintain its "military superiority" with fighting forces. The new military strategy will refocus on the Asia-Pacific region and less on the two wars that have dominated national security since Sept. 11.