Organizers of the National Memorial Day Parade are insisting the annual event will go on as planned despite a dearth of sponsors this year.
Several defense contractors who have financially backed the annual showpiece have pulled out citing cuts included in the government sequester, Garrett Marquis, of the American Veterans Center told The Washington Post
"They say they can't this year because their funding has been cut back by the Defense Department," he said.
The Defense Department is bearing half of the $85 billion in budget cuts this fiscal year, and as a result does not have as much money for contracts.
Boeing, one of the parade's sponsors says that sequestration was not the reason for pulling its funding, but that the company decided to put money toward other causes.
"We decided not to renew our sponsorship," said Boeing spokesman Dan Beck. "We continually evaluate our sponsorship commitments around the world."
The Americans Veterans Center is turning to individuals in hope of raising enough money to cover parade expenses. It needs $400,000 for the May 27 parade and has raised a little more than half of that, Marquis told The Post.
© 2016 Newsmax. All rights reserved.