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Boeing CEO believes in defense spending no matter who wins 2020 election



The pilot works in the Super Hornet F / A-18F fighter aircraft, aboard the aircraft carrier USS Nimitz (CVN 68), while at sea on January 18, 2020 off the coast of Baja California, Mexico.

Mario Tama | Getty Images

Boeing CEO Dave Calhoun said on Wednesday that he was confident that the winner of the White House in November ̵

1; whether President Donald Trump or former Vice President Joe Biden – would continue to support the defense industry.

“I think that both candidates, at least in my opinion, appear to be globally oriented and interested in the defense of our country, and I believe that they will support the industries,” Calhoun said in a media interview. “They will do it in different ways and they will definitely have different teams, but I don’t think we will take a position on one that is better than the other.”

The Trump administration, lawmakers, and political candidates are under increasing pressure to come up with ways to help the United States through a coronavirus pandemic and accompanying economic unrest.

Defense spending is gaining new importance for the aviation giant, one of the largest defense contractors in the United States, as its commercial aircraft unit winds up in a pandemic. The unrest caused Boeing to lose $ 2.4 billion in the second quarter, prompting further cuts in aircraft manufacturing, such as the 787, and Boeing’s exit from more than 19,000 people, according to the company.

Boeing’s defense and space revenues have changed slightly to $ 6.6 billion since the second quarter of last year, but commercial aircraft revenue fell more than 65% year-over-year to $ 1.6 billion.

This trend has also been seen in other companies, such as Raytheon Technologies, which have commercial and defense businesses.

“Overall, while the pandemic continues to have a profound effect on our business aero business, our balanced portfolio includes a resilient defense business that will help us offset short-term business aero counterparts,” CEO Greg Hayes said during an analytics call on Tuesday.

The White House did not comment. Presidential campaigners Trump and Biden did not comment immediately.

Defense contractors have good cause for concern. Across the country, current Republicans are being dragged down by the president’s misjudgment, despite some candidates’ efforts to distance themselves from Trump’s positions. However, most analysts today believe that the Democrats are well placed to expand their majority in the House and increasingly gain the four clean Senate seats they need to take control of the upper house.

Boeing’s Calhoun has been deprived of the opportunity to influence industry due to a possible shift in Congress, saying lawmakers “tend to converge” on policies that promote jobs.

Like many Fortune 100 companies whose bottom line is heavily influenced by government spending and federal regulation, Boeing is careful not to get too involved in party politics or give the impression that it favors one party over the other.

So far in the 2020 election cycle, the Boeing Political Action Committee has donated $ 1.1 million to federal candidates. Of that, 47% went to Democrats and 53% to Republicans, according to the Open Secrets campaign funding website.


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