Hanna worries Sequestration Could hurt Lookheed, BU

2/11/2013 (Updated 11:35:27 PM)

Deep, automatic defense cuts as part of a process known as sequestration could hit the local economy hard, according to Congressman Richard Hanna...
 
Hanna was at Binghamton University Monday to meet with leaders from defense contractors like Lockheed Martin, as well as those from BU which Hanna says could be hurt by cuts in education and research grants. The sequester calls for 1.2 trillion dollars in spending cuts over the next 10 years.
"It's as much as a half-percent, potentially, of a flagging economy. we're growing at less than two percent. we could throw some communities like Binghamton into reverse," said Hanna.
 
Sequestration is set to take effect March 1st unless Congress comes up with a deal to avoid it.