General Dynamics blames $2 billion loss on less socialism
General Dynamics blames $2 billion loss on defense cuts
By Jim Tankersley and Marjorie Censer,
Jan 24, 2013 02:25 AM EST
The Washington Post Published: January 23
One of the nation’s largest federal contractors reported a $2 billion loss Wednesday and blamed it on defense cuts, a sign that the government spending that provided the rocket fuel for the metro area’s decade-long economic expansion is now dissipating.
General Dynamics, based in Falls Church, said it was devaluing its information technology business by $2 billion amid falling government demand. The announcement was particularly worrisome because IT contracting is the key ingredient to the metro area’s government-powered growth.