Budget Cuts Chaos: Layoffs Abound Amid Uncertainty

Mike O'Brien

Uncertainty over where the ax will fall in the upcoming budget cuts is causing chaos within the defense industry as projects are canceled and contractors start laying off workers. Defense Secretary Leon Panetta summed up the situation by announcing "we're all going to pay a hell of a price." Addressing U.S. troops on his European tour last week, Mr. Panetta said: "The greatest threat we face right now is continuing uncertainty in Washington as to just exactly what will happen on the budget...
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