Defense Secretary Leon Panetta recently discussed potential impacts of $500 billion in sequestration cuts with several CEOs and senior executives of major government contracting firms, including CACI International CEO Dan Allen.
Defense News reports the group also included Boeing Executive Vice President Jim Albaugh, Northrop Grumman CEO Wes Bush and General Dynamics CEO Jay Johnson.
According to Marcus Weisgerber’s report, other Pentagon officials attending the meeting on sequestration included Chief Financial Officer Robert Hale; Frank Kendall, the department’s acquisition chief; and Brett Lambert, head of industrial policy.
The group outlined four possible scenarios between now and January 2013, when cuts under sequestration could start.
Congress can come up with $1.2 trillion in cuts to avoid sequestration, Congress could delay sequestration for another two-to-three years, a plan to stop sequestration develops during the lame duck session, or Congress does not do anything and sequestration occurs.
Weisgerber reports the group did not decide which option to support but agreed to continue giving their view to Congress on the negative effect of sequestration on both the military and the defense industrial base.