Pentagon Cuts Hit Accounts That Pay Lockheed to Raytheon

The Pentagon has offered little guidance to contractors that may be hurt by $46 billion in defense spending cutbacks over the next seven months, even as a budget document showed the effect on procurement accounts that pay companies from Lockheed Martin Corp. to Raytheon Co.

Pentagon Comptroller Robert Hale urged defense contractors to be patient and “stay with us” as the military imposes across-the-board cuts under the process called sequestration that took effect on March 1.

“I can’t sit here and tell you you will be unaffected,” Hale said, addressing contractors in an interview with Bloomberg Television’s Peter Cook for “Capitol Gains” that aired yesterday. “You will. We will try to communicate with you as best we can.”

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