Obama Spends Money Like A Drunken Sailor

Except where sailors are concerned.

Facing a giant U.S. deficit, Gates this week unveiled a series of cost-cutting measures that will shed thousands of jobs and shut down an entire military command.

In a speech later in San Francisco at the Marines' Association memorial club, Gates said the pressure would be huge to slash defense spending because of the political and fiscal realities, but he cautioned against that, saying similar mistakes were made after previous wars.

"We must have modest and sustainable growth in defense spending to allow us to maintain our capabilities, reset our fighting forces and invest adequately in modernization and future capabilities," Gates said.

"To make the case for growth at a time of economic and fiscal duress requires the Defense Department to make every dollar count -- to fundamentally change the way we spend the taxpayer's dollars and the way we do business," he added.

The U.S. budget gap hit a record $1.41 trillion in fiscal 2009 and is poised to grow wider this year, unnerving many Americans grappling with unemployment at 9.5 percent.

Many of the proposed cuts have upset members of Congress who face the potential loss of jobs in their home districts, but Gates hopes his austerity plan will show lawmakers the Pentagon can spend tax dollars wisely in tough economic times.