Spending Cuts Are Hurting The Economy

economy_2013If you thought this year’s cuts to preschoolers, senior meals and medical research were bad, get ready for more.

The two-week U.S. government shutdown may have ended and the U.S. didn’t default on its debt. But the deal passed by Congress late Wednesday night allows the series of unforgiving budget cuts, also known as sequester, to continue through Jan. 15.

That’s not good for the economy.

The nation has been operating on a shrunken budget, slashed by $80 billion in forced spending cuts since March 1. And already, the so-called sequester has dragged down economic growth, experts say.


Source: CNN