Study: Going over ?fiscal cliff? would mean 6,300 jobs lost in New Hampshire

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Source: www.nashuatelegraph.com --- Thursday, November 15, 2012
WASHINGTON ? Members of the largely stalemated 112th Congress returned this week for a crucial ?lame-duck? session, in which they will seek to avoid having the nation?s economy fall off the so-called ?fiscal cliff? at the end of the year. For New Hampshire, much is at stake. If the automatic, across-the-board spending cuts ? formally known as ?sequestration? ? are allowed to take effect, it could cost New Hampshire more than 6,300 Jobs, according to a recent study by George Mason University. A majority of these lost Jobs, about 3,600, would be related to defense cuts, while the balance of 2,700 losses would come as a result of reductions in nondefense, domestic spending. Sequestration is required under the 2011 law raising the federal debt ceiling unless Congress and the Obama administration can agree on an alternative plan for reducing the federal deficit. According to estimates in the George Mason report, sequestration would require a spending decrease of $115.7 billion in federal spending nationwide, with $56.7 billion coming out of the Defense Department and $59 billion from nondefense programs. Although much of the focus to date has been on the potential impact of sequestration on the defense industry, tens of thousands of teachers, police officers and other public employees across the country also risk losing their Jobs, according to budget experts. Michael Leachman, director of state fiscal research at the Washington-based ...

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