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Fox News alert defense contractor Lockheed Martin now confirming a little earlier today that it will back off -- plans to issue layoff notices.
2 workers just these before the presidential election in November.
The company originally had said that it would be forced by law to issue these notices duty automatic cuts to our defense spending that congress and the president have already agreed on.
But then -- arguments from Washington.
To hold off on those layoff notices.
Melissa Francis is with the -- election.
Now she's the host of money with Melissa Francis on it yet never get tired so why ain't so so -- the -- contact Lockheed -- -- don't issue those notices why.
Now if this is an amazing -- you have to remedies your tax dollars at work and that's why this is so important the Labor -- comes to companies like Lockheed and says.
Listen we know you're supposed to send out those pinks slips saying in sixty days you may get laid off.
We know it's November 1 and that's maybe not the best timing.
We want you to not do that so a lot of companies went along with that -- when you know what the Labor Department maybe they have more insight than we do into what's going on this make sense -- pushed back.
And they said this is gonna end up costing us money we can -- velocity as Buchanan you're telling a politically -- -- -- by January for that's -- and they're saying we don't give them the noticed.
There's a cost about there's a fine we are liable so they went back so -- and -- office of management budget put out this letter saying listen.
We're gonna cover your cost if you follow what the Labor Department says.
And you don't send out these slips weren't about -- cover the cost if you have some liability related to -- meaning the American tax and you.
-- didn't meet a lot of cover yes.
And this significant cost and you -- looking at Lockheed it's a 123000.
Workers that they say by their own records and Lockheed has confirmed I'll list.
That they would be sending these -- have to and say listen you know sequestration goes into effect you were in danger of losing their well.
That is what sequestration is is that automatic cuts to our defense spending.
That the president congress have RD agreed on its already -- the cuts will be made -- at the end of the year unless they change ball law which they have so far failed to do.
An even though they had a whole committee that was designated to find a way to change it they didn't want us to believe that after the election they'll have the political courage they didn't have before.
-- wasn't guarantee that Melissa it's nowhere and it's also amazing instead of sitting down in dealing with the real problem.
They're out -- around trying to worry about the -- on problems like his pink -- situation.
You -- these poor people Lockheed Martin are saying look tell -- what's gonna happen it might have a job or not.
Give -- the pink slip or don't.
And at the end of the day at the Office of Management and Budget has decided to cover this cross.
That is our tax dollars in -- in essence a forced campaign contribution I mean I don't know how -- really characterizing.
ONB is trying to say.
It's never gonna happen right -- you're not immediately I don't worry because these politicians in Washington will come to their senses they will pass into law that.
That eliminates this these defense cuts yeah you won't get fired.
But again I saved a -- while looking -- a lot of that is the case now where is the guarantee of that snow.
It's nowhere and technically when -- sixty days out in -- is no resolution in sight that they know what they obligate it.
To send out those slips and say hey look this is where we're having.
So it's you don't even on the first step it's just all very questionable there -- a lot of as a political matter that we're gonna have an election on November 6 -- 0120 plus al-Qaeda people being told they're about to get laid off I don't see how you could not characteristic is that it seems incredibly political I don't know how you could not read it like that already people Washington they're getting upset.
This has just happened you know -- this started on Friday carried over -- today I think this is the beginning of hearing a lot more about this because it feels very political.
The show is called money but Melissa Francis I PM fox business and it is her area of expertise as you can clearly see thank you ma'am thank you.
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