Nearly 600 more for the unemployment line. Just in time for the election. Explain this Obama!
Black Hawk maker cuts jobs as contractors, lawmakers fret over defense cuts
Sikorsky Aircraft Corp. maker of the Black Hawk helicopter has announced the elimination of 570 jobs, becoming the most recent defense contractor to announce financial struggles amid tightened defense spending and the potential for drastic cutbacks in January.
The Pentagon plans to cut $487 billion from its budget over the next decade, but contractors and lawmakers alike are alarmed about a separate wave of cuts that could begin Jan. 2 unless Congress and the White House team up to avert them.
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Northrop Grumman recently announced it was cutting 600 aerospace jobs. And the announcements come as House Republicans renew their calls for the Obama administration to reveal the full impact of the next wave of scheduled defense cuts. They're concerned specifically about guidance from the Labor Department over the summer that federal contractors would not have to give 60-days notice of mass layoffs despite a federal law that says companies facing such circumstances should.
The projected $500 billion in additional Pentagon cuts would be the result of so-called sequestration the automatic spending reductions for the military and other areas that take effect because Congress failed to agree on a deficit-reduction plan this summer.
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