cuts to defense spending and make the announcement at the pentagon. the first time any president has addressed reporters in the briefing room. the administration says it s creating a more realistic military and investing more in air and sea power and eliminating ground troops. they say his budget is bloated and the u.s. can still be strong with fewer forces. it amounts to $489 billion in cuts overt next ten years. the german man accused of setting 52 fires across l.a., so wobbly in court, he needed the help of deputies to stand up. his arraignment postponed until january 24, his bail set at $2 million. it s believed within on an arson rampage because his mother was about to be deported. he s also suspected of torching his family s home in germany before he came to the united states. here is that story we were talking about, a mother of five so fed up with her kids fighting that she called 911.
president has addressed reporters in the pentagon briefing room. administration says it s creating a more realistic military by eliminating tens of thousands of ground troops and investing more in air and sea power. officials familiar with the plan say the pentagon s budget is way too bloated and the u.s. can still be strong with fewer forces. the strategy amounts to $489 billion in cuts that will take place over the next 10 years. sorry, ladies. it appears he has declared his love. justin timberlake now off the market. reports say he has proposed to long time girlfriend actress jessica biel while vacationing in jackson, wyomingment over the holidays. the two have been dating on and off for the past four years. and those are your headlines. congratulations.
to build on the dow s nearly 3% jump in yesterday s session. let s take an early look at the markets as we get all up in your business this morning. jeff cut senator live in london for us. good morning, geoff. good morning to you. hassan take finally arrived? that s what the markets are asking themselves and 330 points on the dow isn t a bad way to go if he has turned up. some questions, though, about the sustainability of the rally. the data on housing starts was good. the best number since april 2010. and at a 9% gain, it hit the ball out of the park compared to expectations. so that was as positive for the u.s. here in europe, we are much higher on our markets right now. we ve just had a refunding operation carried out by the european central bank for three year money. and again very high numbers. $489 billion euros taken by the european banking sector. right now that s being seen as a
levels levels which is $472 billion for a military budget and that soup like sounds like a lot of money. guest: can you not look at the budget in terms of the total amount but in terms of the capabilities it provides. also, what has happened. should the 20 department budget be on the table given financial crisis of the country? of course. and the leaders in. department realize that but the fact is, secretary gates before he left took $269 billion out of the defense department budget for efficiency and cut four junior programs stopping the f22, and the marine amphibious vehicle and cut a navy nuclear program and took the entire army s vehicle modernization program. since secretary panetta has come in, the white house gave him pink slip of $489 billion to
defense before he left for a five-year period. secretary panetta has been given a bill right now of $489 billion over a ten he was year period. ten-year period. this has nothing to do with the supercommittee cuts that would come in through sequestration. the fact of the matter is the cuts that we re facing right now will cut to the bone and muscle of the department of defense. if supercommittee cuts unfold as they re supposed to next year, that would devastate the department. we would be a mere shadow of ourselves and be very vulnerable in the world. what the department does is not just fight the very visible wars that we re watching the last ten years, but it deters thugs and killers from taking advantage of us. jamie: absolutely. every day. and taking advantage of others. jamie: i have to bottom line it and ask this question because you know i care, are we giving our troops what they need every day in battle and be also when they return home? do we need to do a better job still?