Bloomberg by the Numbers: 14 pct

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The Pentagon building in Arlington, Va.

That’s the share of Virginia’s gross domestic product that stems from defense spending, according to a Bloomberg Government study. Virginia is the state most dependent on military spending, followed by Hawaii and Alaska, the November report found.

Policymakers in Virginia — a battleground in 2012 elections for president and Congress — are trying to avert a “sequestration” that would trigger $500 billion in defense cuts beginning in January, unless President Barack Obama and Congress enact a deficit-reduction plan by October.

Here’s a look at some Bloomberg stories on the election and the economy:

ROMNEY VISITS POLAND: Republican presidential candidate Mitt Romney’s third and final leg of his foreign trip takes him to Poland, where he planned to meet today with political leaders including Prime Minister Donald Tusk and former president Lech Walesa. Romney will be “seeking to burnish his foreign policy standing and score points against Obama for his ‘abandonment’ of the eastern Europe,” Nicole Gaouette writes.

AFTER ISRAEL FUNDRAISER: Before taking off for Poland today, Romney held a fundraiser at the King David hotel in Jerusalem with 50 donors including billionaire casino executive Sheldon Adelson, who gave $10 million with his wife to a super-political action committee that supports Romney and opposes Obama. Lisa Lerer has details.

TEXAS SENATE: Texas Republicans may decide tomorrow to nominate Ted Cruz, a lawyer backed by Tea Party activists and Sarah Palin, for a Senate seat instead of establishment pick David Dewhurst, the state’s lieutenant governor. The winner of the runoff election will be a heavy favorite to win the seat in November in a state where Democrats last won a Senate election in 1988. Kathy Warbelow has more.

Bloomberg’s Greg Giroux and Lisa Lerer contributed to this report.

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