A group of defense industry CEOs called on Congress yesterday to produce a framework agreement that would include a combination of tax increases and spending cuts to avoid sequestration and stabilize the nation’s fiscal situation.
“It has to be a balanced set of actions,” Northrop Grumman CEO Wes Bush said during a press conference at the National Press Club. “We have to have all of the variables on the table and it has to be pragmatic.”
Bush was joined by Pratt & Whitney President David Hess, Dawne Hickton, the vice chair, president and CEO of RTI International Metals, and David Langstaff, the president and CEO and TASC.
All seemed certain that there would be additional defense cuts in the years ahead beyond the $487 billion over that next 10 years that was agreed to in 2011, but emphasized the importance of Congress reaching an agreement so companies can plan and minimize the impact on their businesses, jobs and the overall economy.
“We in industry should not hide behind the notion that any cuts are bad cuts,” Langstaff said.
They urged Congress to reach an agreement by the Jan. 2 deadline, when sequestration would take effect, rather than just delay the date and prolong the uncertainty. Langstaff accused lawmakers of playing politics and acting “irresponsibly.”
The press conference took place as Democratic and Republican lawmakers continued negotiations on Monday that have so far produced little compromise.
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