Todd Harrison News
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The Pentagon will ask Congress to approve about $79.5 billion for combat operations, the least since 2005, as U.S. troops withdraw from Afghanistan, according to administration officials.
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Nobody gives up information easily.
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The spending bill Congress passed shows $1.2 trillion in budget cuts that weren’t supposed to happen are now part of the political landscape.
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Lockheed Martin Corp., the world’s No. 1 defense contractor, would benefit from increased spending on its troubled F-35 fighter and Littoral Combat Ship programs as well as orders for additional C-130 transports under the Pentagon’s proposed $526.6 billion budget.
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The Pentagon will request $9.16 billion for missile defense programs for the 2014 fiscal year that begins Oct. 1, about $550 million less than this year’s $9.71 billion, according to internal budget figures obtained by Bloomberg News.
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Defense Secretary Chuck Hagel said the U.S. military will find ways to cope with across-the-board budget cuts that began yesterday and that will have “far- reaching effects” over time.
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Defense contractors wouldn’t feel the full effect of automatic budget cuts for three or four years as weapons programs are facing only a 3.5 percent reduction next year, according to an independent research group.
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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.
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The defense industry wouldn’t feel the full impact of automatic budget cuts immediately, with weapons programs facing only a 3.5 percent reduction next year, budget analyst Todd Harrison said.
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Mitt Romney, vowing to expand the Navy, said the U.S. has fewer warships now than in 1916. Back then, a battleship’s main guns had a range of about 20,000 yards.
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