Automatic Budget Cuts Would Cost 1M Jobs, Study Says

Law360, New York (June 7, 2012, 7:18 PM EDT) -- Automatic federal budget cuts scheduled to hit next January could lead to the loss of 1 million U.S. jobs, with losses falling heavily on defense contractors and their suppliers, according to Thursday study by the Bipartisan Policy Center.

The indiscriminate, across-the-board cuts of sequestration, set in motion by the 2011 Budget Control Act and the failure of the Joint Select Committee on Deficit Reduction, or “supercommittee,” would harm military capabilities and the economy without significantly improving the U.S. deficit, the Bipartisan Policy Center said.

"In short,...
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