Defense: The Battle of Change

President Johnson's talk of economy may please most businessmen, but it sends a chill through the $20 billion defense industry, where the President has indicated that he intends to take most of his budget savings. In the second half of the 1960s, the current $51 billion defense budget is expected to drop to about $45 billion — about where it stood three years ago. Though the deep effects on the industry are still in the future, both businessmen and the Government are showing increasing concern about what defense companies will do as...