Northrop CEO "not pinning much hope" on near-term US budget fix
WASHINGTON Dec 4 (Reuters) - Northrop Grumman Corp Chief Executive Officer Wes Bush on Wednesday said he was not optimistic about the ability of U.S. lawmakers to reach a near-term agreement to alleviate across-the-board budget cuts despite growing evidence about their negative impact on U.S. industry and the economy.
"We need a different outcome," Bush told an investor conference hosted by Credit Suisse. "I'm not pinning much hope on it right now."
Bush said it was hard to be optimistic in the near term given the gridlock that has dominated U.S. politics in recent years. He said Northrop's planning factored in continuation of the military spending cuts required under sequestration, and the company was continuing efforts to reduce costs, consolidate facilities, and improve performance on existing contracts. (Reporting by Andrea Shalal-Esa; Editing by Gerald E. McCormick)