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Marion Blakey, Aerospace Industries Association CEO, on the impact potential federal spending cuts to the defense industry will have on aerospace.
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-- sequestration.
The nearly half a trillion dollars would be the deepest spending cuts and sixty years.
Marion Blakey is president and CEO of Aerospace Industries Association marrying good to see it.
Did the president assure you that these cuts will not happen.
I think the president has stated very clearly that the cuts will not happen.
But of course he doesn't have they had -- control here.
What we're looking at is -- need for the congress I'm -- senate house.
To join him back here in Washington.
And get a deal done we're running out of time and it is desperately serious are you worried that there is so much attention being paid to dealing with these -- Automatic tax increases and not dealing with the sequestration that -- hit your industry hard.
-- you haven't exactly right but that's I think what the public needs to understand.
Is that these slashing cuts in federal programs will begin to affect everyone -- affect us immediately.
Certainly the defense industry is very worried but has.
The rented this about troops the equipment that they depend on the technology you know that gives the United States -- That is what is really in peril here.
And we're all very worried about that we're worried about the layoffs that are going to come.
And the defense industry it's a million jobs that are at risk this year because of the have any of these -- already started to happen -- and what kind of changes and or even trepidation have you seen in the activities these big companies.
They've already had to start making plans of course one of the things that's bad for our economy is.
They can't make investments you can't invest if you don't know what to expect and that's a problem -- these kinds of cuts.
Not -- -- knows exactly where they're going to -- -- house.
But it's not just investments they've had to start doing layoffs at their plants because the lines of slowing pretty soon a number of them -- going to stop.
So we've got that and then you look at the domestic situation the air traffic control us that FAA just the other day.
Announced that -- all going to read more than 2000 layoffs that traffic controllers.
Now you can imagine what that's gonna do -- airports in the flight -- -- -- depending.
But -- you -- -- admit that there is some cutting that needs to be done within that defense budget it we're going to cut and get our financial house in order.
Everything has -- look at period.
Everything has to be on the table you're exactly right and we do need a balanced solution.
That is a combination.
Of addressing revenues tax reform.
As well as entitlement reform.
What most people don't realize though is that the defense thought of this has already been massively cut last year in preparation of this.
487.
Billion dollars of cuts to the defense budget.
Already baked in to this and I already beginning right now so defense has been cut.
Mary good to see thank you so much happy new year we don't see before then Marion Blakey and Aerospace Industries Association -- well.
Thank you.
