Lockheed Increases Lobbying as Defense Cutbacks Threaten
Roxana Tiron
Bloomberg BusinessWeek
April 20, 2012
Lockheed Martin Corp. (LMT) (LMT), the world largest defense contractor, increased its lobbying spending in Washington by 25 percent as it worked to defeat looming cuts of $500 billion to the Pentagon’s budget.
The company spent $3.96 million on lobbying in the first quarter compared with the same period last year, according to lobbying disclosure data filed with the U.S. Senate and posted today on its website.
The company also reported for the first time that it was actively lobbying against the $500 billion in sequestration, automatic cuts to the defense budget set to begin in January because Congress and President Barack Obama failed to agree on ways to reduce the federal deficit.
