Report: 2M jobs lost if automatic cuts kick in - Yahoo! Finance
Automatic cuts in federal spending will cost the economy more than 2
million jobs, from defense contracting to border security to education,
if Congress fails to resolve the looming budget crisis, according to an
analysis released Tuesday.
The study, obtained by The Associated Press,
was conducted for the Aerospace Industries Association, but it examined
the shared pain for defense and domestic programs from the
across-the-board reductions slated to kick in Jan. 2. The cuts would
reduce the nation's gross domestic product by $215 billion next year
while consumer confidence would plummet, said the report by Dr. Stephen
Fuller of George Mason University and Chmura Economics and Analytics.
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