Panetta warns of 'crisis' in military readiness

WASHINGTON (AP) — Looming across-the-board budget cuts present the U.S. military with the most significant readiness crisis in more than a decade and quick action is needed to avoid the spending reductions, Defense Secretary Leon Panetta warned during testimony today before the Senate Armed Services Committee.

If the billions of dollars in cuts are allowed to stand, Panetta said, he would have to throw the country's national defense strategy "out the window," and the United States would no longer be a first-rate power. "This will badly damage our national defense and compromise our ability to respond to crises in a dangerous world," Panetta said.

But Panetta assured lawmakers the Defense Department would take the steps necessary to deal with possible threats in the Persian Gulf region after he approved the Navy's request to halve its aircraft carrier presence in the area.

Anticipating the Defense Department will have less money to spend, Panetta said the Pentagon has already put in place a freeze on hiring and cut back on maintenance at bases and facilities.