Photo: REUTERS/Yuri Gripas
Lockheed Martin Threatens Layoffs, Politics At Play? -- Value Walk
Lockheed Martin Corporation (NYSE:LMT), the world’s largest defense contractor, threatened to issue layoff notices to its 123,000 employees before the presidential election this November, if the Congress does not ward off from the impending defense budget cuts, also known as “sequestration.”
The proposed Sequestration Transparency Act of 2012 requires a $1.2 trillion automatic budget cuts on defense and government programs. The bill is set take effect on January 2, 2013.
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DOD: Civilian Workers Could Get Layoff Notices -- The Hill
A Pentagon official told Congress Thursday that the Defense Department’s civilian employees could be hit with layoff notices under sequestration ahead of the November election.
Major defense contractors like Lockheed Martin have already warned they may have to send out layoff notices just days before the election because of federal reporting requirements, as the $500 billion in sequestration cuts are set to take effect Jan. 2.
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Sequestration Could Mean Another 100K-Troop Cut -- Military Times
The possibility that sequestration could lead to an additional reduction of 100,000 active-duty troops has been seized upon by a key House Republican as the newest reason why the Defense Department needs special protection from across-the-board cuts.
The estimate of personnel cuts came from Defense Secretary Leon Panetta on Wednesday during a hearing about military transition programs, in response to a question from Rep. Buck McKeon, R-Calif., about the impact of sequestration on the unemployment rate for veterans.
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