$1 trillion in defense cuts: What you need to know    @CNNMoney
October 23, 2012: 9:58 AM ET The debate in 90 seconds  The
looming spending cuts at the Pentagon played a starring role in
Monday night's foreign policy debate.  Mitt Romney said several
times he would "not cut our military budget by $1 trillion."  At
issue are changes to defense spending in President Obama's
budget, as well as the impending "sequester" that will hit the
Pentagon starting on Jan. 2.  For his part, Obama said his
budget isn't "reducing our military spending -- it is
maintaining it." And, he added, the sequester "will not happen."
(Related: Obama vs. Romney on defense spending)  Who's
responsible for the defense cuts? Both parties in Congress and
Obama approved the sequester.  The cuts are called for under the
Budget Control Act. The BCA, which was signed into law in August
2011, was how lawmakers chose to resolve their bitter fight over
raising the country's debt ceiling.  The original idea was to
pass something so distasteful it