Representatives from government contracting companies and the academic sector have urged lawmakers to act on automatic U.S. budget cuts to head off potential effects on the workforce and the economy, Reuters reported Monday.
Andrea Shalal-Esa writes the renewed call follows warnings from the military top brass that the sequester could erode U.S. readiness and impact homeland security in the long run.
Wes Bush, Northrop Grumman CEO and chairman of the Aerospace Industries Association, told reporters that research and development is among the areas feeling the greatest effects from sequestration.
U.S. R&D spending has remained constant over the last decade, in contrast to accelerated R&D funding in China, South Korea and other countries, according to Reuters.
“Other countries are seizing the moment, they are seizing this opportunity,” Bush said at a news conference held after more than 100 industry executives signed an AIA-initiated letter addressed to Congress and President Obama stating their concerns.
“This is a global competition and if we stay on this track, we’re going to lose,” he added.