This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street…
This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street…
If you think the automatic spending cuts won’t affect your everyday routine, you’re wrong.
With less than two weeks before the across-the-board spending cuts kick in, U.S. President Barack Obama gave a grim assessment today (Wednesday) of what Americans could expect come March 1.
The planned spending cuts would slash some $85 billion out of the White House budget this year alone, resulting in the furlough of F.B.I. agents, delayed flights, layoffs of police officers and teachers, the release of criminals and shuttered day care centers.
“Federal prosecutors will have to close cases and let criminals go. Tens of thousands of parents will have to scramble to find child care for their kids,” President Obama said.
It may take a while for the ultimate impacts to be felt as agencies adjust, but the cuts would slowly and steadily ripple through the government and the economy as myriad agencies grapple with the changes.
The Congressional Budget Office warned in a recent blog post, “Discretionary outlays will drop by $35 billion and mandatory spending will be reduced by $9 billion this year as a direct result of those procedures; additional reductions in outlays attributed to the cuts in 2013 funding will occur in later years.”
Here’s a rundown of some of the immediate changes that could affect you.
This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street…
This is a syndicated repost published with the permission of Money Morning – Only the News You Can Profit From. To view original, click here.…
