Editor's Note: This story first broke over the weekend in the Guam Buildup News e-newsletter and is made available now at the web site.

GUAM – Even though the sequester trigger in the new debt ceiling law threatens to shrink the U.S. defense budget by nearly $1 trillion over ten years, that's not what Secretary of Defense Leon Panetta is planning for, according to his testimony this week before the Senate Armed Services Committee.

GUAM – The Federal government should avert a shutdown this Friday (yet again) as Congress is set to pass a short-term extension to fund operations. The temporary spending bill will pull the country back from the brink for a brief moment, but it does nothing to stabilize the budget outlook for the Pentagon or its military buildup in Guam.

GUAM – The Navy has awarded an 8 (a) sole source contract worth $264,000 to Dae Sung Corporation to upgrade the electrical system at Tarague Beach, a recreational beach park located on Andersen Air Force Base, Guam.

GUAM – Unlike his predecessors in the last two years, Japan Prime Minister Yoshihiko Noda appears ready to try the hardball approach with Okinawa, suggesting the stalemate over a controversial U.S. Marine air base has come down to one choice: either it moves further north within Okinawa to Henoko Bay or it stays at Futenma permanently.

GUAM – The Navy announced that it has awarded Honolulu, Hawaii-based Allied Pacific Builders, Inc. a contract for electrical work to replace 13.8 KV isolation switches at various locations at Andersen Air Force Base in Guam.

GUAM – From performance reports of publicly traded corporations to the latest happenings at local upstarts and every size company in between, Guam Buildup News presents a weekly roundup of notable news for the island's business community.

GUAM – At their first fast-to-face meeting on the sidelines of the United Nations General Assembly on Wednesday in New York, President Obama welcomed Japan's new Prime Minister Yoshiko Noda, taking the opportunity to outline the challenges ahead for their alliance.