Boom times likely to fade for defense industry (AP)

Tuesday October 14, 1:17 pm ET By Stephen Manning, AP Business Writer Defense spending likely to wane as economic crisis grows, new president takes office WASHINGTON -- There are few industries whose fortunes are so closely tied to government as defense contractors, companies that now provide the military with everything from fighter jets to janitors. And for the past eight years, business has been very good. But with that government customer now ailing, the boom times are likely to end. Long-term problems loom for the defense industry -- growing Pentagon costs for items other than weapons, calls for defense contracting reform by both men vying for the White House, and uncertainty over how massive government expenditures to prop up the economy will affect defense spending, by far the largest discretionary portion of the... [read full story]