Lockheed Martin Corp. and Huntington Ingalls Industries Inc., two of the biggest U.S. defense companies, grabbed bigger slices of a shrinking federal contract market last year, a Bloomberg Government study found.
The Pentagon will cut 17 of the 343 F-35 fighters it planned to buy from Lockheed Martin Corp. in fiscal 2016 through 2019 unless Congress repeals automatic budget cuts, according to a new Defense Department report.
President Barack Obama’s $3.9 trillion budget proposal would benefit low-income families, college students, researchers and highway users, setting the tone for Democratic priorities in an election year.
President Barack Obama traveled to the Navy’s sole builder of aircraft carriers to drive home his argument that his political foes and their constituents will be among the hardest hit by across-the-board spending cuts that start March 1.
For Matthew Mulherin, who manages Navy aircraft carrier construction for Huntington Ingalls Industries Inc., automatic defense spending cuts set to take effect in January are an “end-of-earth scenario.”
In Newport News, Virginia, Betty Hazelwood said she’s on “pins and needles” about whether her job as a submarine pipefitter will be eliminated by U.S. spending cuts. In Northern Virginia, Kate McLaughlin canceled a vacation to Costa Rica because of concern her federal contracting will end. At a suburban Washington car dealership, Infiniti of Tyson’s Corner, customers aren’t buying.