With automatic federal spending cuts set to hit the defense industry on March 1, senior White House officials met with chief executives from contractors to discuss the potential impact.


White House spokesman Jay Carney made the disclosure Wednesday after President Obama urged Congress to find other ways to postpone the $85 billion in cuts.


Under a law approved last year, federal funds of all kinds would be held back, or "sequestered," until there is budget agreement, at which time the funds may be reinstated. The buzzword used by contractors for the cutbacks is "sequestration."



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