"Verizon Communications, the No. 1 U.S. local telephone company, said Wednesday it expects to cut capital spending to about $15 billion to $16 billion this year from $17.4 billion last year. ... Telecommunications carriers have been cutting back on capital spending as their industry has been hurt by lower spending by business customers and consumers in the weak economy, as well as competition and price wars. ... "There is substantial competition in the wireless telecommunications industry."

On that last point: The latest issue of The Net Economy has a good cover story/feature on the mounting troubles in the wireless telecom industry. Apparently, they're starting to learn that wireless won't soon become a profit center, even as the wireline telecom business dies out.

Verizon Capital Spending to Shrink