Defense Cuts to Cost 10k Jobs

$1.2 trillion in cuts endanger economy, security


Bloomberg reports that former Vice President Dick Cheney met with Senate Republicans to warn against the proposed budget cuts to the military in the so-called "sequester," which could endanger thousands of jobs as well as America's national security.

As Lockheed Martin Corp. (LMT)’s chief predicts he may have to fire 10,000 workers under across-the- board federal spending cuts, a familiar voice is warning Republican leaders that U.S. defense readiness is at stake.

Former Vice President Dick Cheney said at a private meeting with Senate Republicans yesterday that the projected cuts totaling $500 billion could be "devastating" to military modernization and planning, South Carolina Senator Lindsay Graham told reporters.

The defense industry and its Republican allies in Congress are increasing their volume this week in a concerted push to avert the defense cuts, part of $1.2 trillion in automatic reductions over a decade that will start in January unless Congress and President Barack Obama agree on an alternate plan.