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Search Tags: sequestration
Defense contractors are growing increasingly worried about the automatic, across-the-board budget cuts, known as sequestration, which are set to take effect in January. Marion Blakey, the president and CEO of the Aerospace Industries Association, said the cuts would hit the defense industry particularly hard.
Contractors warn of possible layoffs due to potential budget cuts. Some companies are in waiting mode to see what happens with Congress over the next six months.
This week on Bloomberg Government's Capital Impact show, results from a new BGov analysis that shows federal contract spending is slumping. Plus, how defense contractors may be able to protect some revenue from sequestration.
Defense Deputy Secretary Ashton Carter said for every dollar lawmakers add to the military's budget or for every program they continue that the Pentagon wants to cancel, it requires cuts elsewhere. He also called sequestration irrational and said DoD is not planning for it.
In two memoranda released late Friday, the Office of Management and Budget told agency heads they must cut 5 percent from their 2014 budgets and use evidence-based evaluations.
In a Defense Department briefing Wednesday, Army Chief of Staff Gen. Raymond Odierno said service officials are closely examining the issue of women in infantry and armor ranks. Oiderno also said sequestration would thwart the Pentagon's existing plan for a streamlined force.
Hours after a key House committee voted to give the Pentagon more money than it asked for in next year's budget, Defense Secretary Leon Panetta said thanks, but no thanks. Panetta warned passing a $3 billion increase would set a showdown with the Senate and force sequestration to happen.
The GOP-controlled House passed legislation Thursday requiring federal workers to contribute more toward their retirement. The Sequester Replacement Act of 2012 proposed gradually increasing federal employees' pension contributions by 5 percent over five years as an alternative to sequestration.
The White House has declared the Department of Veterans Affairs off-limits to "sequestration" budget cuts, and that means other nondefense agencies may have to bear an additional $4.6 billion in reductions next year.