The New York Times reports that Defense Secretary Leon Panetta will release a plan to cut hundreds of billions of dollars from the military's budget. 

According to the Times, Panetta will release his plan sometime this week. The Times reports that it will include plans for "shrinking the military," and that it will be made clear "that the Pentagon will not maintain the ability to fight two sustained ground wars at once."

Meanwhile, the Times reports that Pentagon officials are in the final stages of debating potential reductions in crucial areas of military spending; including things like combat aircraft, salaries and retirement and health benefits. 

Last summer, the White House and Pentagon came to an agreement on $450 billion dollars in cuts over the course of a decade.  Now, the Times reports, there is debate over an additional $500 billion in cuts that could potentially be made.

To read the New York Times story, click here.