Pentagon's 2010 budget to be squeezed by financial bailouts
Lawmakers in search of cash to bail out the financial industry could look for deep cuts in defense budgets, industry leaders fear. "No one really yet knows when or to what extent defense spending could be affected, but it's unrealistic to think there won't be some measure of impact," said Boeing Co. CEO Jim McNerney in a note to employees last week. Though budgets for fiscal 2009 are set, the Pentagon is planning its priorities for 2010, and at least one influential congressman has warned that cuts are coming. "No matter who wins the White House, the next president is going to be forced to decrease defense spending in order to respond to neglected domestic priorities," said Rep. John Murtha, D-Pa., the House's defense appropriations chief. "Because of this, the Defense Department is going to have to make tough budget decisions involving trade-offs between personnel, procurement and future weapons spending."
Wall Street Journal, The | 10/10
This story published in AIA dailyLead on 10/10/2008
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