Late last Friday, The Wall Street Journal reported that the Defense Department has ordered Lockheed Martin Corporation (NYSE: LMT) to cease work on a $13 billion contract to build helicopters for the White House.
The move was widely expected, since the Obama administration has previously pointed to the revamped copters as an example of excessive defense spending. However, the contract's cancellation will no doubt bring fresh job losses to Owego, NY, where the Marine One copter is being designed.
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