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NORMAN The potential impact of sequestration under the Budget Control Act of 2011, which is set to automatically slash billions of dollars from the Department of Defense budget next year, set an ominous tone Tuesday for much of the 2012 Oklahoma Aerospace and Defense Summit & Expo.

Frank Kendall, the acting under secretary of defense for acquisition, technology and logistics speaks during the 2012 Oklahoma Aerospace and Defense Summit & Expo. STEVE SISNEY - THE OKLAHOMAN

Keynote speaker Frank Kendall, the acting undersecretary of defense for acquisition, technology and logistics, said if Congress doesn't do anything to stop the act from going into effect on Jan. 1, jobs will be lost and contracts will have to be renegotiated.

Sequestration has a devastating outcome. We really need to avoid it, he said. The industry hasn't done any planning for sequestration, he said, because it is so unacceptable that they are focusing on rallying against it.

Marion Blakey, president and chief executive officer of the Aerospace Industries Association, called sequestration a time bomb and wore a pin that counts down the minutes until the act goes into effect.

If it blows, we're going to feel the shock wave in all 50 states, including this one, she said.

Kendall talked about ways the Defense Department is cutting costs already, by canceling unaffordable programs and using competition to negotiate the best price on contracts. He said he planned to meet with the CEOs of aerospace companies on Wednesday while in the state.

Monday was expected to be the busiest day for FedEx, which said it...

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Oklahoma Aerospace Summit connects industry, military, teachers