Sequester Layoffs Loom For Virginia As Obama Visits
( 10:20 )
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In a few months, Técnico Corp. is supposed to begin repair work on the USS Oscar Austin, a naval destroyer that recently returned to its home port of Norfolk, Va., after seven months patrolling pirate-infested waters off the coast of Africa. But if a round of blunt-nosed federal budget cuts known as the sequester begins as expected March 1, the Pentagon will cancel Técnico's contract to repair the Oscar Austin and five other warships, said Ray Wittersheim, the company's president and CEO.

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