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US Defense Secretary Chuck Hagel speaks during a press conference where President Barack Obama announced Hagel's departure at the White House on Nov. 24, 2014 in Washington, DC. (Mandel Ngan/AFP/Getty)

Business Latest: Hagel stepping down

Defense Secretary Chuck Hagel is stepping down under pressure, the first cabinet-level casualty of the collapse of President Obama's Democratic majority in the Senate and a beleaguered national security team that has struggled to stay ahead of an onslaught of global crises.

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