U.S. President Barack Obama looks at the bow sections of the USS John Warner before speaking at Newport News Shipbuilding in Newport News, Virginia on February 26, 2013.
Obama visited the shipyard to highlight the impact the sequester will have on jobs and middle class families. The cuts fall evenly on non-defense and defense spending, with states like Virginia, heavily dependent on Pentagon contracts, expected to be hardest hit.
Obama spoke in front of a huge submarine propeller at the Newport News Shipbuilding shipyard where scheduled maintenance to the aircraft carrier USS Abraham Lincoln has been delayed due to the budget crisis.
The $85 billion across-the-board budget cuts are due to begin on Friday, unless an agreement is reached in Congress.
Defense contractor Leidos (NYSE: LDOS) has announced a definitive agreement to acquire U.S.-based naval architecture firm Gibbs & Cox for $380 million in cash. The acquisition was revealed this week...
February 25, 2021
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