Other countries could catch up to the U.S. in developing defense technologies if Congress can not agree on how to stop automatic cuts to the defense budget, the head of a major trade association said Thursday.
Aerospace Industries Association President and CEO Marion Blakey said in a statement that a million jobs could be lost if sequestration occurs, where $1.2 trillion is automatically cut from the budget.
Under the Budget Control Act, also known as the debt ceiling agreement, the defense budget must be cut by $500 billion over the next decade.
The congressional supercommittee’s failure to reach an agreement on deficit reduction means an additional $1.2 trillion must be cut from the overall federal budget starting in January 2013.
Blakey said stealth flight, air defense, unmanned vehicles and surveillance and reconnaissance are areas where the U.S. could lose a leadership position in.