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While the partial federal shutdown is hitting home for federal workers and contractors, Virginia Gov. Bob McDonnell says the ramifications on the commonwealth have not been as significant as he expected.
A Federal Aviation Administration program that would transform air traffic control and contribute billions of dollars to contractors' coffers could be scaled down and delayed a decade if $1.2 trillion in automatic federal cuts occur as scheduled on Jan. 2, according to a new report.
The threat of layoffs is causing some employees of large defense contractors to move on to what they perceive to be more stable industries, said John Jumper, CEO of McLean- based SAIC Inc., in an interview with Washington Business Journal about the impact of pending federal budget cuts.
Virginia has aerospace and defense companies to thank for $78.71 million in 2010 taxes paid on state income and total gross revenue, and $75.6 million in individual employee income taxes, according to a study commissioned by the Aerospace Industries Association.
orthrop Grumman Corp. will phase out by 2015 two programs intended to lure executives with supplemental retirement contributions, according to a Dec. 21 report filed with the Securities Exchange Commission
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