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Panetta warns of degraded military readiness from spending cuts

Washington (CNN) - Furloughed workers, reduced combat readiness, shrunken naval operations and cuts to Air Force flying hours and weapons maintenance.

Defense Secretary Leon Panetta listed those consequences as he provided a stark warning Wednesday about the effects of impending budget cuts on the military. The result, he said, would be "the most serious readiness crisis" faced by the military in over a decade.