This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The American Legion Reiterates Anti-sequestration Stand

WASHINGTON, Feb. 20, 2013 /PRNewswire-USNewswire/ -- With threats of cutbacks to the work hours and earnings of more than three-quarters of a million defense support workers, the leader of the nation's largest veterans organization is reiterating his strong stand against sequestration, the $1 trillion automatic government spending cuts – mostly to defense budgets – that will begin their 10-year course on March 1 unless Congress intervenes.

"I cannot state strongly enough that sequestration as it impacts weapons systems development and maintenance, military manpower and, now, the livelihoods of civilian support employees, must not happen," National Commander James E. Koutz of The American Legion said.

In a conference call today from the office of Defense Secretary Leon Panetta to The American Legion and fellow veterans' and military support organizations, warnings were issued that, should sequestration take effect in its present form, the Pentagon will be forced to furlough its 800,000 civilian employees, likely cutting back their work weeks by one day and causing workers to lose that day's pay each week, with no means of recouping it. The military services and other Pentagon employers have until March 1 to submit a furlough implementation plan. Some exemptions from the furloughs will be allowed, says the Defense secretary's office, but they will be very limited.

"This cutback would not only impose an economic hardship on those workers and their families, but the resulting reduction in workforce coverage could also compromise national security," Koutz said.

Koutz is not alone in his thinking. To make the point concerning sequestration's impact on civilian defense jobs, Leon Panetta sent a letter dated Feb. 20 to Vice President Joe Biden, whose son is a veteran of the war in Iraq. The letter stated, in part, "If faced with sequestration, the Defense Department will be forced to forego critical objectives. As we make the difficult decisions about how to maintain our national security to the greatest extent we can in light of these destructive cuts, the Department will have to consider furloughs across the entire defense civilian workforce (and) the furloughs contemplated…will do real harm to our national security."

"Sequestration has become a game of political hot potato, but for the sake of this nation's future well being and security, this game must stop now," said Koutz.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs