While Defense Secretary Chuck Hagel indicates additional cuts to next year's defense budget may hit hard, top aircraft and aerospace firms are playing defense by being big donors to members of Congress.
New political contribution reports due today show some of the top givers to members of Congress during July were the political action committees of defense and aerospace firms. Although the sequesters so far have not taken a big hit on the earnings or stock price of big defense and aerospace firms, the firms know things can change and they must keep their PAC contributions at the highest level.
Lockheed Martin Corporation Employee's PAC reported it gave $261,000 in July to federal candidates and committees. The Boeing Company PAC reported giving out $180,500. The Employees of Northrop Grumman Corporation PAC reported it gave out $160,500.
Other PAC reporting making large amounts of contributions in July include: Laborers' Int'l. Union PAC $229,000; CSX Corporation Good Government Fund $160,000; American Crystal Sugar Company PAC $132,500; Wal-Mart Stores Inc. PAC for Responsible Government $118,000.