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FBN’s Rich Edson on concerns over the potential impact of sequester cuts, particularly to defense spending.
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Can't guise of we also -- talk about something that's developing inside the beltway and that is more specifics as it pertains.
To automatic spending cuts that may kick in after the first of the year.
Let me get to rich ads and he's in Washington DC looking at this.
A lot of people on the Republican and Tea Party -- -- spending cuts spending cuts yet then we get the details and there's some concern here.
Yes specifically on defenseless -- goes all the way back to that super committee when it failed to agree.
To more than a trillion dollars in deficit cuts the consequences hundreds of billions of dollars in automatic cuts across the federal budget in the White House.
Has just detailed where these cuts will hit the administration.
Calls these cuts deeply destructive to national security a 109 billion dollars of annual cuts to defence and non defense spending.
Over the next nine years have to cuts at the Pentagon for talking about 55 billion dollars in each category.
The administration report says delays in investments in new equipment and facilities cutbacks and equipment repairs declines in military research and development efforts.
And reductions in based services for military families that's the effect of these cuts says the administration.
There are about 12100.
Items in this report had to foxbusiness.com.
For a full list -- any investor in a business that serves the government.
Needs to read this generally.
Non defense is cut eight point 2% Medicare providers are hit.
With -- 2% cut seven point 6% for other non defense spending it generally hits defense spending.
Within eight point 2% reduction perhaps no cut can demonstrate the effect of the -- more especially at this time.
The -- 10029.
Million dollar reduction for embassy security construction.
And maintenance -- congress can still reverse this this is part of the fiscal cliff and negotiations begin after the elections.
Back to you.
But again rich -- foxbusiness.com.
Their 12100 points here anybody who does business with the US government they should jump on there and take a look.
