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Aug 20, 2012 9:09 PM by Matt Stafford

Obama: Military budget deal unlikely by November

WASHINGTON (AP) - President Barack Obama says he doesn't believe Congress can reach a deal before the November elections that avoids deep cuts in military spending, but says he is optimistic that reductions won't occur.

Obama says he has made sure that service members don't lose pay or benefits and that veterans continue to receive their benefits. Obama made his remarks in interviews Monday with news outlets in regions with a large military presence.

Obama told the Virginian Pilot that Democrats must understand that any deal will require additional spending cuts. He said Republicans must accept the need for additional tax revenue. Without a deal, the Pentagon faces $500 billion in cuts over 10 years.

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