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Are 2013 Budget Cuts Hurting Business?

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  • Description

    FBN's Rich Edson on how the spending cuts of the 'sequester' are impacting businesses now.

  • Duration 1:32
  • Date

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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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