U.S. defense contractors are preparing to disclose mass job
cutbacks ahead of November elections if Congress fails to reach a
deficit-reduction deal by then, industry officials told the WSJ. Firms including Lockheed Martin Corp., Boeing
Co. and Northrop Grumman Corp. may idle thousands of workers at the beginning
of the year, they said, when more than $50 billion in new defense cuts could
take effect—along with similar reductions across federal agencies.
The layoff threat promises to put a spotlight back on the
federal budget impasse and signals the start of a campaign by contractors to
get Congress to rescind the requirement for…
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