Around Georgia’s nine military bases, companies that cater to the military are bracing for millions of dollars in Defense Department budget cuts. President Obama will release a budget next month that’s likely to include $500 million in cuts to the Defense Department.
Airplane-maker Lockheed Martin Corp. is laying-off 540 employees at three nationwide locations—including in Marietta, Ga. The company says it expects most of the affected workers to leave by year end. Lockheed is trying to cut costs in response to pressure to limit defense spending.