After receiving personal assurances from the White House that the Pentagon will not cut...

|By:, SA News Editor

After receiving personal assurances from the White House that the Pentagon will not cut contracts in January, Lockheed Martin (LMT +0.3%) says it won't issue layoff notices to employees before the election, as it had threatened to do. The decision ends a stand-off with the administration over deep automatic cuts set to hit defense spending if Congress can't find a budget solution, and the layoff notices were set to go out to hundreds of thousands of LMT employees in Virginia - a key electoral state.