Lockheed Martin Chairman and CEO Bob Stevens gave a keynote address on defense budget cuts at an industry luncheon March 14.
The company said he addressed the Senate Aerospace Caucus at an Aerospace Industries Association event, encouraging government leaders to not go ahead with sequestration.
Sequestration would cut an additional $500 billion from the defense budget on top of the nearly $500 billion already set to be cut under the Budget Control Act.
Stevens said contractors support over one million direct jobs, generate $84 billion in wages and more than 3.5 million total jobs in total employment.
Large and small contractors generate $324 billion in revenue, contribute 2.3 percent to the country’s gross domestic product, offer $89.6 billion in exports, he said.
He also said contracting firms generate $38 billion in wage and income tax revenues for federal, state and local governments.
He commended Congress for passing a bill to reauthorize the Federal Aviation Administration‘s operating authority.
The bill allows the agency to continue its NextGen air traffic control program, he said.