US CEOs urge passage of fiscal 2011 Pentagon budget

WASHINGTON Feb 7 (Reuters) - The chief executives of 14 U.S. defense companies urged Congress on Monday to pass a defense spending bill for fiscal 2011 instead of extending the current stopgap measure that keeps funding at 2010 levels.

Lawmakers' failure to pass a defense appropriations bill for fiscal 2011, which began Oct. 1, could have serious consequences, the CEOs of Lockheed Martin Corp (LMT.N), Boeing Co's defense business (BA.N) and a dozen other companies said in a letter to congressional leaders. Defense Secretary Robert Gates issued a similar warning last week.

"Failure to address funding decisions for individual national security programs on a full-year basis will lead to program dislocations, funding interruptions, and adverse consequences on U.S. employment not only in the current fiscal year but for many years to come," the letter said, noting that the current continuing resolution limited production rates and banned new program starts. (Reporting by Andrea Shalal-Esa; Editing by Steve Orlofsky)