Job losses from scheduled budget cuts known as sequester could throw the U.S. economy into another recession unless Congress acts, some analysts are predicting.
The mandatory cuts to defense and non-defense spending stem from the “fiscal cliff” deal and are to take place March 1. Every program except for benefits like Social Security and some parts of Medicare will be cut.
The Bipartisan Policy Center, an independent research group, said last week that it expects roughly a million jobs across the country to be immediately lost from the budgetary cuts. The Congressional Budget Office estimates the job losses at 1.4 million.
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