KKTV - Economy - Headlines

Defense Firms Warn Of Job Losses From Budget Cuts

By: AP
By: AP

WASHINGTON (AP) -- The head of a major defense contractor is warning that he might have to lay off 10,000 workers if Congress fails to agree on an alternative to automatic budget cuts.

Robert J. Stevens, chairman and chief executive officer of Lockheed Martin Corp., delivered that message Wednesday in testimony to the House Armed Services Committee. Executives from several other defense manufacturers also sounded the alarm about the across the board reductions slated to go into effect Jan. 2.

Republicans and Democrats are trying to undo the cuts they voted for last summer when they agreed to a deficit-cutting budget.

Despite the gloom, a report this past spring from Price Waterhouse Coopers found that the top 100 aerospace and defense companies reported $677 billion in revenue and $60 billion in profits.


KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.

If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.

powered by Disqus
KKTV 520 E. Colorado Colorado Springs, CO 80903 Office: (719) 634-2844 Fax: (719) 632-0808 News Fax: (719) 634-3741
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 162868956 - kktv.com/a?a=162868956