Sunday's Face the Nation: Panetta, Dempsey, McCain This Sunday's guests on "Face the Nation" are Defense Secretary Leon Panetta, Chairman of the Joint Chiefs of Staff, General Martin Dempsey and Republican Senator John McCain. The Republican race for the nomination was kicked out of the headlines this week by an unprecedented budget review of the nation's defense spending and pledge to cut the nearly half a trillion dollars as required by Congress's inaction to reach a widespread budget reduction plan. All this as Iran's nuclear ambitions seem to grow stronger by the day and the hostile nation has threatened to close the Strait of Hormuz, putting pressure on world oil prices. "The Department of Defense will play its part in helping the nation put our fiscal house in order," said Defense Secretary Leon Panetta in unveiling the plan Thursday. But the plan isn't just a budget cut, it's a shift in the priorities of the department to spend money on rebuilding the new military, ready to face the challenges of the new century. The department would need to make a strategic shift regardless of the nation's fiscal situation. We are at that point in history. That's the reality of the world we live in," said Panetta. The plan requires less focus on traditional ground wars and long counter-insurgency operations like the wars in Iraq and Afghanistan, in favor of a more agile force focusing on Special Operations forces and technology. "We are confronting the threats of the 21st century," said Panetta. Critics, both in Congress and on the campaign trail, have said the plan would gut the military and hurt the country's national security. Yesterday (The President) announced a major program to reduce the capacity of our military, inexcusable and unthinkable and it must be reversed. We have to protect our military," said Iowa Caucus winner and Republican frontrunner Mitt Romney today. When he announced the plan on Thursday, the chairman of the Joint Chiefs of Staff, General Martin Dempsey, said he was pleased with the plan and rebutted critics who say it will mean the U.S. can't fight more than one war at a time. It is a sound strategy. It ensures we remain the preeminent military in the world...We will always provide a range of options for our nation. We can and will always be able to do more than one thing at a time. More importantly, wherever we are confronted and in whatever sequence, we will win," he said. Video: Panetta comments on US rescue of Iranian ship held by pirates For his part, Senator John McCain, the ranking Republican on the Senate Armed Services committee, pledged in a statement to take a thorough look at the plan. In South Carolina today, McCain who this week endorsed his 2008 challenger Romney for president, said President Obama doesn't understand the military and shot down the plan saying simply, "this president is about to dismantle our defense capabilities." McCain was on the trail today with Romney who is looking to build upon his narrow victory in Iowa with a big wins in New Hampshire and South Carolina, where he has been leading the polls for months. "President Romney will put us on the path to fiscal sanity again," said the Republican presidential nominee in 2008. McCain also rebuffed criticism that he himself flip flopped, endorsing Romney who during the last campaign he attacked for changing his position on various issues. "I just want to say to Governor Romney, we disagree on a lot of issues, but I agree, you are the candidate of change," said McCain to Romney with a chuckle in a debate in early 2008. "I haven't changed my position on even numbered years or have changed because of the different offices I may be running for," he said at another debate. McCain's website even featured a video, called "A Tale of Two Mitts" featuring Romney giving different stances on abortion and gun rights. McCain also took out a television ad attacking Romney, citing a New Hampshire newspaper saying "If a candidate is a phony, we'll know it. Mitt Romney is such a candidate. But today, McCain said after the campaign in 2008, Romney worked hard for his campaign. "Most importantly we share the values, we share the priorities, we share the same fundamental philosophy," he said today. What impact will the new military strategy have on the presidential race? How will it affect the U.S. military's readiness posture around the world? Will it affect the ability of the country to respond to the latest threats from Iran? Has the US done enough and what more can be done to stop Iran from acquiring a nuclear weapon? Those will among the topics discussed as Defense Secretary Leon Panetta and Chairman of the Joints Chiefs of Staff Gen. Martin Dempsey, in their very first Sunday interview, and Senator John McCain, join Bob Schieffer to Face the Nation.