GE CFO Keith Sherin: Fiscal Cliff Deal Likely by Years End but it Won’t Fix U.S. Deficit

GE CFO Keith Sherin: Fiscal Cliff Deal Likely by Years End but it Won't Fix U.S. Deficit - top government contractors - best government contracting event
Keith Sherin, GE

General Electric‘s Keith Sherin, chief financial officer, said that if Congress were to solve the fiscal cliff by the end of the year, the problem would not end there, Reuters reports.

Speaking at an event sponsored by MIT’s Sloan School of Management, Sherin said the primary responsibility of the elected officials is to manage the country’s deficit and “they’re not getting it done.”

“It’s in everybody’s interest to find some way to have a bipartisan solution to deal with our deficit situation, which cannot continue obviously at the level they’ve been,” he added. “It’s going to be a combination of raising revenue and cutting long-term spending.”

GE refinanced a $5 billion bond in order to avoid any disruptions to debt markets that could result if the U.S. economy went over the fiscal cliff and the company now holds enough cash on hand to run for more than a year without accessing capital markets, Sherin said.

Sherin said he believes the Congress will not be able to solve all the fiscal  problems by December but it is “highly likely” they will solve the budget problems by setting up a timetable for the long term.

You may also be interested in...


CGI Granted FedRAMP Authorization for Momentum Enterprise Suite

CGI announced on Friday that its Momentum enterprise suite software as a service (SaaS) has been authorized for the Federal Risk and Authorization Management Program (FedRAMP) by the Joint Authorization Board (JAB), enabling the company to work within the cloud at federal agencies. JAB granted CGI the authorization after a six-month certification process.


Keysight to Deliver Kits for USAF’s Automatic Test Station

Keysight Technologies has secured a five-year, $39.8 million contract to provide the U.S. Air Force with tools needed to support automatic testing. USAF will gain access to Keysight's test and measurement products for Versatile Diagnostic Automatic Test Station updates and production activities.

USS John C. Stennis

HII to Begin USS John C. Stennis Carrier Modernization Work

Huntington Ingalls Industries is set to commence a four-year project to modernize the USS John C. Stennis nuclear powered aircraft carrier at the company's shipyard in Newport News, Virginia. The CVN 74 supercarrier will be the seventh ship of the U.S. Navy's Nimitz class to undergo a midlife refueling and complex overhaul process, HII said Thursday.