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-- thank you called massive automatic budget cuts planned for January 1.
They already -- putting the squeeze on businesses rich Edson is covering this story in Washington hey rich.
Hey good morning -- so next year about a hundred billion dollars -- across the board government spending cuts hit federal budgets but lawmakers analysts and federal contractors say.
Government agencies are cutting back spending now already creating a drag on the economy.
We've already seen billions of dollars -- productive reduce spending this year.
Over the same period last year -- below the same period last year which is thousands of jobs that have already been reduced in the sector.
And I think it would just progressively get more more intense as we go forward.
Subcontractors city administration is telling agencies not to slow -- spending now because of next year's automatic cuts though they say the government seems to be doing it anyway.
The administration did not return requests for comment taking.
-- -- contractors know what is going to get cut.
They say they have no idea and in fact senators have introduced a bill to require the White House to tell congress exactly how it plans to deal with these cuts.
The Congressional Budget Office says -- spending cuts coupled with a scheduled broad based tax increase known as the expiration of the bush tax cuts -- talked about that a couple times here.
I will throw the economy back into recession -- Eight fiscal cliff right that's what the Henis and I wasn't but one where -- -- want to elements is that.
Are higher -- -- not gonna cut than win that's my next question are my next -- -- thanks rich rich.
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