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Panetta says US at risk of being second-rate power

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WASHINGTON (AP) — The United States is at risk of becoming a second-rate power if automatic budget cuts go into effect, plunging the U.S. armed forces into the most significant readiness crisis they've faced in more than a decade, Defense Secretary Leon Panetta warned Thursday. Panetta, who is retiring soon from his post, told the Senate Armed Services Committee that if the reductions are...