Defense contractors fear looming sequestration

03/20/2012 | AviationWeek.com

Automatic deficit reduction cuts, known as sequestration, will take about $500 billion from the defense budget -- $53 billion next year alone. Defense contractors are warning lawmakers that they cannot prepare for such a possibility. "What sites will be disrupted?" Robert Stevens, CEO of Lockheed Martin asked the Senate Aerospace Caucus last week. "I can't remotely predict the consequences of a bow wave of $53 billion that's about to impact the industry." Aerospace Industries Association President and CEO Marion Blakey has warned it's unlikely Congress will reach a solution in a lame duck session.

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