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No budget deal could mean massive military job loss

WASHINGTON - New warnings are coming out of Washington Thursday regarding those spending cuts scheduled for March 1.

Defense Secretary Leon Panetta said the $500 billion cut to the military will damage our readiness.

The military is already pulling back troops in the Persian Gulf, freezing new hires and cutting back on maintenance.

The cuts come as the U.S. is combating growing tensions in the Middle East and a nuclear program in Iran.

Without a budget deal by March 1, the cuts could threaten at least 46,000 jobs.