Defense industry bracing for further budget cuts

WASHINGTON (Reuters) - U.S. defense companies are bracing for additional cuts in Pentagon spending, even if Congress reaches a deal to avert a controversial $500 billion across-the-board budget cut due to go into effect in January, industry officials said on Tuesday. Dennis Muilenburg, head of Boeing Co's defense and security unit, said in an interview with Reuters reporters and editors that his firm anticipated the Pentagon would face more spending reductions even if Congress acts to avert the cuts looming in January under the process known as sequestration
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