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To build on the dow's nearly 3% jump in yesterday's session. let's take an early look at the markets as we get all up in your business this morning. jeff cut senator live in london for us. good morning, geoff. >> good morning to you. hassan take finally arrived? that's what the markets are asking themselves and 330 points on the dow isn't a bad way to go if he has turned up. some questions, though, about the sustainability of the rally. the data on housing starts was good. the best number since april 2010. and at a 9% gain, it hit the ball out of the park compared to expectations. so that was ...

Levels levels which is $472 billion for a military budget and that soup like -- sounds like a lot of money. >>guest: can you not look at the budget in terms of the total amount but in terms of the capabilities it provides. also, what has happened. should the 20 department budget be on the table given financial crisis of the country? of course. and the leaders in. department realize that but the fact is, secretary gates before he left took $269 billion out of the defense department budget for efficiency and cut four junior programs stopping the f22, and the marine amphibious vehicle and cut a n...

Defense before he left for a five-year period. secretary panetta has been given a bill right now of $489 billion over a ten he was year period. -- ten-year period. this has nothing to do with the supercommittee cuts that would come in through sequestration. the fact of the matter is the cuts that we're facing right now will cut to the bone and muscle of the department of defense. if supercommittee cuts unfold as they're supposed to next year, that would devastate the department. we would be a mere shadow of ourselves and be very vulnerable in the world. what the department does is not just fig...

Deal, the defense department and u.s. military will then see major automatic cuts. the thought was even that the secretary of defense -- that thought even as the secretary of defense worried. >> it's going to take us to the edge and if suddenly on top of that we face additional cuts or if this sequester goes into effect and it doubles the number of cuts, then it will truly devastate our national defense. >> joining us right now, fox news military analyst and retired four star general, general jack keene. what will this mean if, in fact, they don't come up with the deal in their automatic cuts ...

A bill that defense secretary leon panetta says the nation can no longer afford. >> all of this at a time when america faces a serious deficit and debt problem at home. a problem which is, itself, a national security risk squeezing both the defense and domestic budgets. >> reporter: to cut the military's budget will take a major shift in strategy. u.s. forces will focus on deterring a growing threat from china in the asia pacific region, conduct smaller counter insurgency operations with u.s. special forces elsewhere, and no longer attempt to fight two major ground wars at the same time. >> i'...