Boeing to cut defense budget mostly from supply chain

|About: The Boeing Company (BA)|By:, SA News Editor

Boeing (NYSE:BA) continues to face large spending cuts from the U.S. government, with the latter's defense budget falling nearly 24% due to sequestration.

The company has already cut $4B in costs from its defense unit and plans to cut an additional $2B.

"Out of the $6B, probably 66% of that will come out of the supply chain, maybe more," says Chris Chadwick, CEO of Boeing Defense, Space and Security.