CNN Erin Burnett tackles looming budget cuts to the U.S. military. Burnett takes on whether the claims of national security disaster add up when it comes to sequestration?
We asked Wes Bush, CEO of U.S. defense contractor of Northrop Grumman.
Defense execs warn of looming job loss because of defense cuts
Chief executives of leading defense companies told a House panel Wednesday they would have to start informing employees just before the 2012 election that their jobs would terminated in January if Congress fails to make a budget deal, triggering hundreds of billions of dollars in defense cuts that would ripple through the defense industry sector.
The four CEOs testified before the House Armed Services Committee and echoed what many defense industry officials have been sounding the alarm about for months: The automatic cuts, known as sequestration, would be devastating to the defense sector and the economy.
Testifying before the House panel were the chief executives from industry giants Lockheed Martin, European Aerospace Defense Systems (EADS) and Pratt and Whitney, as well as the head of an small aerospace business, Williams-Pyro.