The congressional supercommittee's failure to act is supposed to trigger hundreds of billions of dollars in spending cuts for the Pentagon starting in 2013. But even cuts that large don't come close to cutbacks in military spending in years past.
The Pentagon already plans to cut about $500 billion from its budget over 10 years. Now, it faces another $500 billion in cuts. For the military, that's the worst case: 10 years, $1 trillion in cuts.
Within the Republican presidential field, no one has talked tougher about China than Mitt Romney. He has vowed to go after that country from his first day in office, threatening to slap tariffs on Chinese imports to make up for its artificially low currency.
"We can't just sit back and let China run all over us," Romney said. "People say, 'Well, you'll start a trade war.' There's one going on right now, folks. They're stealing our jobs. And we're going to stand up to China."
In Louisville, Ky., local businessman John Timmons is trying to figure out what's next after selling music for more than a quarter of a century.
Timmons owned ear X-tacy records for 26 years here. The shop closed at the end of October. On a recent visit, dead roses, farewell notes and other mementos are taped to the glass doors. Fans of the shop have also been slipping notes of support under the door.