Unthinkable Cuts Almost a Reality
Fiscal Cliff,Federal Budget,Banking And Finance,Economy And Jobs,Economic Policy
Mandatory federal spending cuts designed to be prohibitively drastic will become a reality on Wednesday if negotiators remain unable to reach an agreement to avert the reductions.
The cuts would hit a broad array of departments and programs, from the military's purchase of mine-resistant vehicles to government food inspections. They would slash funding for Secret Service details and cut rental housing subsidies in rural areas.
Illustrating the gravity of the cuts, the Pentagon plans to notify 800,000 civilian employees that they could be forced to take several weeks of unpaid leave in 2013 if a deal isn't struck, and other agencies are likely to follow suit.
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