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Budget

Five Years After Budget Control Act, Industry Is Far From Doomsday Scenario Predicted

Friday, August 5th, 2016

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Five Years After Budget Control Act, Industry Is Far From Doomsday Scenario Predicted

Norway's first F-35A, called AM-1, is in production at the Lockheed Martin Fort Worth, Texas assembly plant. Photo: Lockheed Martin.

Five years ago, on the eve of passage of the Budget Control Act, then-Secretary of Defense Leon Panetta wrote a letter to the Senate Armed Services Committee warning of a cataclysmic collapse of defense acquisition if the law went into effect.Many of the lawmakers who had a hand in creating the law viewed it as so draconian that it would never pass. It did, and immediately clamped a lid on defense spending through fiscal year 2021.Panetta’s letter enumerated the dire…

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