Automatic Pentagon Cuts Must Be Stopped, Lockheed Chief Says

March 14, 2012

Automatic Pentagon budget cuts that would take effect next year must be reversed by November, Lockheed (LMT) Martin Corp. chief Robert Stevens said.

The prospect of cuts is having a "chilling effect" on the defense industry, and Lockheed and other companies may stop hiring and training, Stevens, chairman and chief executive of the world's largest defense contractor, said today at a conference in Washington.

The possibility of about another $55 billion in cuts starting in January "is a huge disruption to our business," Stevens said at an event on Capitol Hill organized by the Aerospace Industries Association. 

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