3/30/2012

The defense industry could see mass layoffs if Congress doesn't act to stop $500 billion in automatic spending cuts due to take effect in January, the Pentagon warned this week. In addition, the Pentagon would have to break contracts, including one with Boeing for a refueling plane and another with Lockheed Martin for combat ships, if the cuts take place, said Frank Kendall, the Defense Department's acting undersecretary for acquisition, technology and logistics.

Related Summaries