'Doomsday' defense cuts loom large for select 12
Saturday, August 13, 2011
WASHINGTON (AP) -- For the dozen lawmakers given the task of producing a deficit-cutting plan, the threatened "doomsday" defense cuts hit close to home.
The six Republicans and six Democrats represent states where the biggest military contractors -- Lockheed Martin, General Dynamics Corp., Raytheon Co. and Boeing Co. -- build missiles, aircraft, jet fighters and tanks while employing tens of thousands of workers.
The potential for $500 billion more in defense cuts could force the Pentagon to cancel or scale back multibillion-dollar weapons programs. That could translate into significant layoffs in a fragile economy, generate millions less in tax revenues for local governments and upend lucrative company contracts with foreign nations.
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