Forced Cuts Would Devastate Defense Industry, Panel Says

Law360, New York (July 18, 2012, 9:02 PM EDT) -- Top defense contractors pleaded with Congress on Wednesday to protect the defense industry from “devastating” across-the-board budget cuts, while warding off questions from Democrats who urged the companies to support revenue increases as a way to mitigate the coming cuts.

The contractors testified at a hearing held by the House Armed Services Committee, saying that uncertainty about sequestration's automatic cuts, set to take effect in January, has paralyzed companies' ability to plan for the future and has spread panic in a workforce threatened with mass layoffs....
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