Pentagon to cut jobs, contracts by $1B

Defense Secretary Chuck Hagel on Wednesday announced he's trimming the Pentagon headquarters' budget by 20 percent, starting in 2014. It will result in jobs cuts and reduction in contracts with private companies, according to CNNMoney.

Hagel said it's an opportune time to cut back after the rapid growth of the agency in the wake of the Sept. 11, 2011, terrorist attacks.

The cuts would trim $1 billion from 2014 through 2019. Hagel said the first jobs to be cut will about 200 workers from his own team of 2,400.

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