Pentagon Cuts Hit Accounts That Pay Lockheed to Raytheon
This article is for subscribers only.
The Pentagon has offered little guidance to contractors that may be hurt by $46 billion in defense-spending cutbacks over the next seven months, even as a budget document showed the effect on procurement accounts that pay companies from Lockheed Martin Corp. to Raytheon Co.
Pentagon Comptroller Robert Hale urged defense contractors to be patient and “stay with us” as the military imposes across-the-board cuts under the process called sequestration that took effect on March 1.