Contractors Brace for Coming Defense Cuts
January 6, 2012
As the Pentagon readies a fiscal 2013 budget expected to map out $487 billion in cuts over the next 10 years, many contractors already are bracing for a new climate of austerity, but they are heartened by the Obama administration's pledge to preserve America's industrial base.
At the Pentagon on Thursday with President Obama, Defense Secretary Leon Panetta and Deputy Secretary Ashton B. Carter stressed the need for innovation and scientific progress. Both touched on the importance of innovation, maintaining the industrial base, and fostering science and technology.
"As we reduce the overall defense budget, we will protect our investments in special operations forces, new technologies like [intelligence, surveillance and reconnaissance] and unmanned systems, space and cyberspace capabilities, and our capacity to quickly mobilize," Panetta said.