U.S. Shipyards Support $42.4 Billion in GDP -Report
Private shipyards in the United States support $42.4 billion in gross domestic product and provide more than 107,000 direct jobs, according to new report released today by the U.S. Maritime...
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.
Mark Felsenthal contributing (c) 2013 Thomson Reuters, Click For Restrictions
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