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February 12, 2014 AT 1:46 PM
According to sources familiar with the matter, U.S. Defense Secretary Chuck Hagel is expected to preview the Pentagon's fiscal 2015 budget request on February 24. This is a week before the White House sends its formal budget plan to Congress. Hagel is expected to use the announcement to outline the U.S. Defense Department's priorities and challenges in budgeting for the fiscal year that begins on October 1. Hagel last week said the military faces big spending cuts despite a two-year budget deal by Congress that reduced the size of mandatory reductions. The Pentagon must reduce its projected spending for fiscal 2015 by about $40 billion more than planned.