With the Super Committee eyeing massive defense spending cuts, the aerospace industry is going on the offensive with an advocacy campaign highlighting the cuts' national security and job loss implications, my colleague Megan Scully reports.
If the committee fails to make more than $1 trillion in targeted cuts, automatic, across-the- board spending reductions go into effect that will cost the Defense Department $500 billion -- an outcome industry and military officials call the worst case scenario. Still, the industry is warning lawmakers to be careful what targeted reductions they make in their quest to hit their numbers.
Scully reports for subscribers:
Worried about more Defense Department budget cuts, the aerospace industry has joined the lobbying fray to spin more Pentagon cutbacks as dangerous. The Aerospace Industries Association, which has member companies that include big players in the market as well as smaller suppliers, is coordinating a campaign dubbed "Second to None" that will aim to protect the Pentagon's portfolio of weapons systems and encourage investments in new high-tech program....With more trimming considered likely, defense-related companies are, understandably, concerned about their bottom lines. ... Cutting, delaying, or canceling weapons programs is often the go-to strategy when lawmakers or Pentagon officials need to generate quick cash....During a press conference on Wednesday, AIA chief Marion Blakey argued that under such circumstances, hundreds of thousands of jobs would be at risk. The trade group estimates that aerospace and defense companies support 2.9 million jobs around the country.