A top contractors group on Tuesday published an open letter declaring that “time is up” and imploring President Obama and Congress to hurry toward a new budget compromise to head off automatic spending cuts before they begin on Friday.
A Pentagon official cited looming sequestration in explaining a decision to begin slowing payments to prime contractors to increase on-hand cash, according to a report in the Federal Times. Contractors will be notified in the next few days, an unnamed official said, and Defense accounts will gain about $1 billion in available funds.
The executive board of the Arlington, Va.-based Professional Services Council, in a letter to the White House and all congressional offices, said the group’s 360-member companies “urge you in the strongest terms to act quickly and collaboratively to avoid the threatened sequestration and finally address the fiscal uncertainty that is undermining the government’s ability to execute its many and complex missions.”
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