Does current economic climate bothers IT services

It's election year in USA and everyone is worried about economy  and most especially Indian IT companies. According recently claims by Infosys, TCS, Cognizant the climate is affecting their business growth and most of the big firms are reducing the year end revenue guidance. Is it true that current economic situation in US is hurting Indian outsourcing firms? 

Not really, most of these companies are sitting on pile of cash i.e. billions of dollars in cash reserves, firm annual contracts with huge corporations and a growth rate of 10-15%. So what's causing them to complain - let's look at some factors

Margins - All of the outsourcers are getting hit in price wars and this is one way they can form informal alliance to raise billing rates.

Employee salaries - IT industry has moved past big annual hikes, by creating a scary picture a message is sent to employees to stay satisfied with their current salaries.

Other factors involve lack of innovation, inability to differentiate, and most importantly failure to grow business consulting arms which could bring new revenue.

What's surprising is that inwardly none of them show any signs of frugality, Cognizant is spending huge amount of money in offsites for corporate functions, in one of the offsite almost 400 people traveled from across the globe to Chennai recently. Infy has announced promotions, and TCS has been on a lateral hiring spree. So why are these companies complaining?