13 Defense Executives Bemoan Uncertainty Of Cuts
WASHINGTON (AP) — Thirteen defense executives are complaining that the threat of automatic, across-the-board cuts to military spending is creating uncertainty that's already affected their industry.
Seven senators released copies of the executives' letters on Monday. The six Republicans and independent Joe Lieberman are trying to ratchet up the political pressure to force Congress and President Barack Obama to produce a deficit-cutting plan to avert the cuts before they kick in Jan. 2.
However, no action is expected until after the election.
The executives from such companies as Lockheed Martin Corp., Raytheon Co., Boeing Co., and Northrop Grumman Corp., said the looming cuts had not affected current contracts. But they warned of an impact on the industry and its workforce if the indiscriminate reductions go into effect.