Connecticut Defense Industry Watching For Potential Federal Cuts

As the so-called 'fiscal cliff' looms, defense contractors are waiting to see whether budget cuts could impact their industry.

With some $12.7 billion at stake, and an employee workforce of tens of thousands in Connecticut, defense contractors are warily awaiting Congress' action on the looming fiscal crisis. 

Industry leaders are worried about how negotiations to avoid the so-called "fiscal cliff" might affect defense spending in Connecticut, according to a report in The Hartford Courant.

Any changes in Connecticut defense funding is significant given the size of the industry here, experts say. Cuts to the industry, however, are included in the Budget Control Act of 2011, an agreement federal lawmakers forged to limit deficit spending. The act, and the cuts in it, will go into effect by year's end unless Congress reaches a new agreement.

At risk is a defense industry workforce in Connecticuct of 36,000 to 50,000 and about $860 million in defense-related taxes the state collects annually, the Courant reports.

Wyatt November 14, 2012 at 06:06 PM
But don't they know that cutting spending is good for the economy and will create jobs?


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