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Search Tags: sequestration
Defense Secretary Leon Panetta pleaded with Congress last Wednesday to avoid the disaster of automatic defense cuts even as he criticized lawmakers' affection for protecting aging ships and aircraft. Ramping up the pressure, Panetta and Army Gen. Martin Dempsey, the chairman of the Joint Chiefs of Staff, painted a bleak picture of the military and its power if the across-the-board reductions, known as "sequestration," go into effect beginning Jan. 2.
The largest federal contractor is struggling to prepare for about $1 trillion in cuts that are due to take effect in January. Retiring-CEO Robert Stevens said agencies will ask vendors to modify contracts and that in turn will drive up the costs of those programs. Lockheed Martin already is taking steps to reduce its spending by consolidating facilities and reducing staff.
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.