Lockheed Martin Chairman and CEO Bob Stevens outlined the firm’s recent cost-cutting efforts and potential effects of sequestration during testimony before the House Armed Services Committee on July 18, 2012.
The Defense Department is cutting $480 billion from its budget over the next decade and that amount could swell to nearly $1 trillion if sequestration takes effect in January 2013.
Stevens testified that the lack of clarity surrounding sequestration is preventing the company from properly preparing for its effects and that as many as 10,000 jobs are at risk if the automatic cuts occur.
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