As President Barack Obama was set to announce the largest cuts to the U.S. military since the Cold War Wednesday, a few reporters on the Defense Department beat were worrying about their jobs.

Prior to the president's remarks at the Pentagon, C-SPAN microphones caught several reporters discussing what a Ron Paul presidency might bring.

"See this room?" one reporter asked. "Two-thirds of us [will be] laid off when Ron Paul is president."

The cuts announced Thursday would reduce the military budget by $487 billion over 10 years.

"Some will no doubt say the spending reductions are too big; others will say they're too small," Obama said at the briefing. "It will be easy to take issue with a particular change. But I would encourage all of us to remember what President Eisenhower once said — that 'each proposal must be weighed in the light of a broader consideration: the need to maintain balance in and among national programs.'"

An additional $500 billion could be cut as a result of debt ceiling negotiations if Congress follows through with the plan.

Watch this video from C-SPAN, uploaded Jan. 5, 2012.

(H/T: Real Clear Politics)