.

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.

Lance Coughlin November 14, 2012 at 11:26 PM
Obama is slashing military spending regardless because he thinks our tax dollars should be given away to other countries instead of protecting this one.
Pete Zuppardi November 14, 2012 at 11:49 PM
Yes, and this is of course so that the terrorists will "like us." Very nice job running out the clock, by the way, by Team O, as we are only still slowly beginning to understand the scope of the lies and coverup in the wake of Benghazi-gate...
Richard Poulton November 15, 2012 at 12:32 PM
New London sub base, home of some 14 "boomer's", will be closed. They will find no need for 2 such bases. Kings Bay is the home port for the US sub Atlantic Fleet and they consolidate the two. Gen. Dyn. will stay for that is not government owned. The sub school may stay, but who knows with the cuts K.B.O. needs to make to bring down the deficit, that may go as well. The elected CT officials can cry and scream all they want, it will happen.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »