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FBN’s Rich Edson on a new study that found two million defense jobs could be on the line due to congressional spending cuts.
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-- key piece of the looming fiscal cliff is.
The -- defense spending cuts tens -- thousands of jobs.
Could be on the line and now defense industry leaders are ramping up their lobbying efforts to try to get congress moving protection is in Washington with the details.
Rich well to make your case in Washington like congressman know how many jobs in their districts are at stake about 55 billion dollars in annual defense spending cuts begin in January.
And defense contractors and lawmakers are pushing to avert those cuts.
He'll find between now and a few short months that people get pink slips because you have to do that prior to -- somebody up.
But with sequestration hanging out there.
That is going to be a drain on the economy -- You're already feeling everybody's pulling back cut that.
-- we common defense contractors.
And asked him about funding -- say.
We don't know when we're going to fund this.
-- -- these events cuts are courtesy of the super committee's failure to agree to about a trillion dollars worth of deficit cuts.
Elsewhere in the budget and Democrats namely House Minority Leader Nancy Pelosi say the Republicans job argument.
It's hypocritical because she says it's typically Republicans arguing it's not the responsibility of the federal government.
To spend money solely to create jobs.
Democrats say Republicans will have to agree to cuts and tax increases.
To replace these and other spending cuts.
Republicans in line with president Obama's Defense Secretary also argue -- cuts senselessly harming national defense.
House Republicans have passed a plan to replace these cuts with other cuts.
If congress does solve this it will very likely com.
After the election just like everything else for talked about if you.
So remind districts of the timing OK so we get a compromise on this that'll happen after the election but the sequestration goes into effect before then.
What what we're looking at official -- is a January 1 start date to the sequestration you talked about 5055 billion dollars for the cuts to defense.
And then another fifty to 55 billion dollars with the cuts.
To domestic spending the problems say these defense contractors is already the government is pulling back because they're preparing for these cuts.
So there are already slowing down contracts and these defense contractors say they're starting to see a slowdown in their work and in their businesses.
Yeah that's really concerning.
On our -- thank you so much for -- -- and stay tuned to Fox Business it to eastern Tracy -- and Ashley Webster.
We'll be talking to congressman Randy Forbes a member of the house armed services.
Committee.
Are right so we are way.
