Framework to manage major spending cuts
The Pentagon is unveiling a strategy designed to manage hundreds of billions in budget cuts without sapping the military’s strength.
The strategy is expected to serve as a framework for shifting the military’s focus from fighting post-9/11 wars in the greater Middle East to preserving America’s dominant position in Asia amid a Chinese military buildup.
It is not expected to mark a radical change in defense priorities. It may set the stage, however, for cutbacks in Europe and big weapons programs.
The trip follows the Obama administration decision not to name China a currency manipulator. That upset U.S. manufacturing groups, which contend China is undervaluing its currency for trade advantages.
Treasury said Mr. Geithner will discuss sanctions on Iran with both nations’ leaders. Last week, President Obama enacted new penalties on Iran's central bank aimed at hampering Tehran’s ability to fund nuclear enrichment.
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