Defense Contractors Speak Out Against Budget Cuts
July 18, 2012
Defense contractors warned Wednesday that across-the-board federal spending cuts posed a calamitous threat to their businesses and that thousands of jobs were on the line unless lawmakers find another way to shrink the deficit.
The defense industry has been exerting increasing pressure on Congress to overturn the planned cuts, noting that companies could be forced to send layoff notices just before the November election.
At a House hearing Wednesday, the chief executive of Bethesda-based Lockheed Martin said about 10,000 jobs could be lost at the contracting powerhouse if the government carries out the automatic cuts — about $1 trillion, split roughly between defense and other federal programs over the next decade.