Defense Budget Cuts Would be Felt at Local Level

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Nov. 17 (Bloomberg) -- The U.S. Department of Defense spent nearly $10 billion per state in 2009 making local economies vulnerable to mandatory budget cuts should the congressional debt-reduction supercommittee not reach a deal by the Nov. 23 deadline. Bloomberg's Megan Hughes reports that defense spending in Virginia is almost 14 percent of the state's gross domestic product. Adam Johnson also speaks on Bloomberg Television's "Street Smart." (Source: Bloomberg)


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