Defense Budget Cut 'Equals Devastation,' Bell Chief Says
October 9, 2012
Bell Helicopter Chief Executive John Garrison on Tuesday joined the chorus of defense industry executives sounding the alarm about the likely consequences if Congress doesn't act by early January to block huge defense spending cuts from automatically taking place.
Budget sequestration "in my opinion equals devastation," Garrison said in a presentation at the Aviation and Aerospace Industry Manufacturing Summit being held in Fort Worth.
Sequestration is the legislative term for the process mandated in the Budget Control Act of 2011 that will require the federal government to slash roughly $1 trillion—about $100 billion a year—from projected spending over the next decade, unless Congress reaches a new budget deal.