Correspondence from Senator Insane McCain essentially details that he has informed executives at defense firms like Lockheed Martin, Raytheion, General Dynamics, SAIC and Northrop Grumman, that they will see large budget cuts, starting on January 1st, 2013. As a result, tens of thousands of layoff notices will be sent shortly before Election Day in November. Under the terms of last year’s deal to raise the U.S. debt ceiling, automatic cuts begin starting January 1st, 2013. Of course, the Department of Defense will not be the only areas where there will be cuts. Just imagine when these cuts possibly hit the food stamp program.
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