Proposed military cuts don't surprise McDonnell

Virginia Gov. Bob McDonnell nonchalantly responded to President Obama’s plan to slash the Pentagon’s budget over the next five years, insisting Thursday he’s prepared for deep cuts to the state’s large military presence.

Defense Secretary Leon Panetta announced plans to shrink all four military branches by nearly $250 billion over the next five years as part of debt reduction deal struck last fall. Military personnel will be cut, the naval fleet will get smaller and bases will close.