United States President Barack Obama said that the triggering of automated spending cuts slated to begin next month, March 1 2013, could pose grave consequences for the country’s economy.
Pres. Obama spoke to reporters at the White House to make a brief address regarding sequestration, the planned automatic spending cuts that are expected to save around $1 trillion instantly starting March 1.
“There is no reason that the jobs of thousands of Americans who work in national security or education or clean energy — not to mention the growth of the entire economy — should be put in jeopardy,” Obama said. He continued, “There is no doubt we need additional revenue, coupled with smart spending reductions in order to bring down our deficit.”
Hunter Rawlings, President of the Association of American Universities said, “A budget sequester would have a terrible short- and long-term impact on the nation’s investments in scientific research and education.”
The report by the White House’s Office of Management and Budget and other details show the automatic cuts for all federal agencies if Congress and the White House cannot agree.
The Defense Department has gotten most of the attention so far, which would get the most cuts. NASA would see 8 percent cut.
Congress and the White House can still pull together and make a deal, most economists say that it will happen and will help fend off another recession.