Video: Millions slashed from Defense budget

>>> defense secretary leon panetta is planning to lay out plans to cut nearly $500 billion from the defense budget over the next decade. but he is expected to make it clear the pentagon will not be able to maintain its ability to fight and win two wars simultaneously with the cuts. nbc news correspondent jim miklaszewski joins us live. what more do we know about these cuts?

>> defense secretary panetta tomorrow will not lay out the specific nitty gritty details of those budget cuts. he will talk about a new strategy that is going to have to be put into place. the one that is getting all the attention is a change in the military strategy to be able to fight two consecutive wars at the same time. two major ground wars. but in fact, the reality has been that the u.s. hasn't been fighting two major ground wars at the same time in some time. even though waging wars in iraq and afghanistan. many military officials will tell you that the u.s. was actually fighting aggressively a war in iraq and just marking time in afghanistan. to the point where the taliban, while during the iraq war , was able to resurge and reclaim a lot of the territory they had lost in the initial invasion of afghanistan back in late 2001 , early 2002 . one of the other issues that is likely to attract a lot of attention is the fact that military benefits are going to be on the line. the u.s. military , the pentagon, pay about $74 billion a year in health care and pensions, and while secretary panetta says those already receiving those benefits are going to be grandfathered in, they will not lose any of their benefits. in order to balance the budget, the military will have to give up some of those, what are considered sacrosanct benefits that have been extended to the u.s. uniformed military for decades.

>> all right. thank you very much. we'll see what he has to say tomorrow as

Source: http://video.msnbc.msn.com/newsnation/45874261/

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