Lockheed Martin, Raytheon and Boeing – some of the nation’s largest defense contractors – could cut thousands of jobs and cancel supplier contracts if Congress doesn’t act to stop automatic budget cuts, said the Los Angeles Times.
Military contractors say they are prepared to close shops, tear up contracts and issue pink slips. The contractors were prepared for $487 billion in cuts during the next decade. But an additional $500 billion in cuts are now being discussed.
Read more at the Los Angeles Times.