NEW YORK, ( TheStreet) -- The Super Committee may be gridlocked on how to shave more than $1.2 trillion off the U.S. deficit over the next 10 years, but experts and CEOs are confident that Silicon Valley can weather the inevitable cuts in federal spending.
Still, though, big dollar-shaped clouds are gathering over the Capitol. The Budget Control Act which created the Super Committee, for example, caps "discretionary" federal spending at $1.043 trillion in 2012, compared to $1.376 trillion in 2011.
|Tech should weather much of the federal spending cuts, say experts.|
"Certainly, on aggregate,
IT tends to be less impacted by cuts in discretionary spending, according to Plexico, because agencies need to keep their technology operations up and running, regardless of the economic climate. Additionally, he said, government will still spend big bucks on key technologies such as health care IT and cyber security.Symantec (SYMC), which recently posted record second-quarter results, said that cyber security is now a major priority for governments, both in the U.S. and overseas. Speaking during the company's second-quarter conference call, Symantec CEO Enrique Salem, citing conversations with "senior folks" in government, predicted 2012 federal IT spending between $76 billion and $80 billion. According to data from the Office of Management and Budget, federal IT spending was around $79 billion in 2011. The Government Accountability Office, however, said the actual figure is likely higher. Nonetheless, Symantec remains confident of its ability to win government business. "I still expect
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