hear some cries of despair take for example a report out this week i'll be half of the aerospace industries association the report states that if the fence cuts reach a trillion dollars one million jobs will be lost and not just that but it would quote devastate the economy and defense industrial base and undermine the national security of our country sounds like they've been spending some time for defense secretary leon panetta who called the trigger effect a doomsday mechanism but let's say the trigger does happen is that report anywhere near the truth or discusses lawrence korb senior fellow at the center for american progress or and thanks so much for being here tonight nice to be with you what you say i mean is this report on one hand if a trillion dollars were to be cut from defense yes that's a lot of money but the people that commissioned this report the aerospace industry it's also in their best interest to try and play up exactly how dramatic this would be so you know are they going a little overboard here who million jobs lost very very definitely because it depends a lot of. the other words

the aerospace industry association is out with a new report. it says more than a million jobs would be lost nationwide and california would take the biggest hit because of its thousands of defense contractors. the study projects 125,000 jobs and $7.4 billion in earnings would be lost in california. the special bipartisan committee here in d.c. looking for ways to cut the deficit is deadlocked now. if there's no deal, automatic across-the-board cuts kick in along with defense cuts over the next ten years. but john boehner says he's not gonna let that happen. >> i would argue that they've taken more than their fair share of the hits. >> the democrats warn unless republicans are willing to agree to some tax increases, these big defense cuts will be inevitable. reporting live from alison burns, ktvu channel 2 news. >> all right. thank you, alison. >>> 7:16. a restaurant owner in monterey says he's ready to pay up on a bet he made with his old friend leon panetta last new year's eve when he was the head of the cia. this is video of panetta at the wh

industrial base with my colleagues. i'd like to introduce them first mr. barry watts the sectors egypt assessment. mr. fred downey vice president national security aerospace association and pierre chao, senior associate industrial or international security program center for strategic and industrial studies. again, gentlemen, thanks for taking the time to be with us today. i also wanted to give it to thank mr. schilling and mr. loebsack and their staff for hosting the panel and the quad city area of illinois and audio. we have an informative discussion there with an industry leaders and learned a great deal of what goes on at the rock island arsenal. it was extremely useful and i appreciate all the effort that went into it and i want to thank blackhawk college for letting us use their facilities to hold the meeting at the committee staff prepares a summary of the discussion at rock island and was provided to all the panel members and without objection i would like that to be entered into the record. hearing no objection, so ordered. on friday members of the panel will travel to akron ohio to hear from the industrial base in that area and to meet with engineers and sc