The Nuts and Bolts of the Sequester
August 8, 2012
Republicans and Democrats are sounding the alarm: The budget sequester is coming and we have to do everything to stop it.
Defense Secretary Leon Panetta says it will be devastating to the military. Manufacturers say it will mean the loss of tens of thousands of jobs. The White House fears cuts in everything from cancer research to the number of FBI agents.
Some $110 billion in cuts kick in Jan. 2, hitting defense and domestic programs equally hard unless Congress figures out over the next five months a way to avoid the reductions.