Pentagon Facing One-Two Budget Punch -- CNNNEW YORK (CNNMoney) -- The Pentagon budget is about to get whacked.
The debt ceiling deal struck by the nation's top lawmakers includes $350 billion in cuts to the defense budget over the next decade, according to the White House.
And the deal's second round trigger -- a penalty if lawmakers are unable to get their act together -- would slash another $500 billion over 10 years.
Of course, it might not come to that. What is guaranteed is the initial $350 billion in cuts, which experts say the Defense Department can weather.
"The bottom line is these [initial] cuts are not life-altering for the Pentagon," said Gordon Adams, a professor at American University and a former Clinton administration budget official who specialized in defense spending. "They live to fight another day."
Overall defense spending accounts for 20% of the entire federal budget. Last year, the Pentagon spent $530 billion, without even counting war costs.
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More News On The Impact Of The US Debt Deal On The U.S. Military
Debt-Ceiling Deal Means $350B in Defense Cuts -- Military.com
Debt Deal Nails DoD Budget; HAC Must Cut Another $19B -- AOL Defense
Debt ceiling plan hits defense budget -- Market Place
Debt deal includes billions in defense cuts, but pay and vet programs safe -- Stars and Stripes
The debt deal and defense spending -- Washington Post
Sources: Lawmakers would 'fight it out' each year over Defense budget cuts -- The Hill
The city on the edge of forever -- Philip Ewing, DoD Buzz
House Republicans Find Their Voices in Defense of Defense Budget -- Max Boot, Commentary
How they resolved the defense spending issue in the debt limit compromise -- Philip Klein, Washington Examiner
Spending cuts are cause for concern -- Tom Philpott, HRMilitary
Budget 'Enforcement Mechanism' puts Pentagon in Crosshairs -- Mark Benjamin, Time
Debt ceiling deal threatens national security -- James Carafano, Daily Caller