Panetta Seeks to Reassure Defense Industry on Budget Cuts
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Defense Secretary Leon Panetta told a defense industry group it is “essential” to U.S. military superiority and said he will work with executives to establish policy for the industrial base as the Pentagon faces at least $330 billion in budget cuts over 10 years.
Panetta expressed his “desire to work together to formulate a policy for industrial base that I believe we’ve not had in place until now,” Chief Executive Officer Jim Albaugh of Boeing Co.’s commercial aircraft said today at a meeting of the Aeroclub in Washington.