The New York Times
June 21, 2012
It is no secret here that come January, barring Congressional action, huge spending cuts will hit the Pentagon. Congressional Republicans, President Obama’s secretary of defense and military contractors have taken pains to denounce the planned reductions, which were scheduled as part of the resolution to the debt-ceiling crisis of last year.
A recent report prepared by the Bipartisan Policy Center found that the sequester cuts in total could reduce the gross domestic product in the United States by roughly half a percentage point in 2013.
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