U.S. Defense Secretary Chuck Hagel warned that the Pentagon would have to take draconian steps next fiscal year, including hiring freezes and cuts in weapons purchases, unless Congress acts to stop ... more 
U.S. Defense Secretary Chuck Hagel warned that the Pentagon would have to take draconian steps next fiscal year, including hiring freezes and cuts in weapons purchases, unless Congress acts to stop $52 billion in spending cuts. U.S. officials appealed to China's self-interest with calls for deeper economic reforms and a halt to cyber espionage - changes they said would benefit both nations. Even as consensus built within the Federal Reserve in June about the likely need to begin pulling back on economic stimulus measures soon, many officials wanted more reassurance the employment recovery was on solid ground before a policy retreat. less 
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Wochit
Wed, Jul 10, 2013 5:53 PM EDT