Defense Industry Predicted to Feel Financial Crisis in Coming Months

WASHINGTON — After years growth in military budgets, Defense Department…

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WASHINGTON — After years growth in military budgets, Defense Department planners and weapons manufacturers now say the financial meltdown will have a serious impact on future Pentagon spending.  Military advisors and company executives believe the obvious budgets where spending cutbacks will occur would be expensive new arms programs, which have accrued cost overruns of at least $300 billion for the top 75 weapons systems, according to the Government Accountability Office.

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