This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

White House Outlines Deep Cuts It May Have To Make

By TOM RAUM

WASHINGTON (AP) â¿¿ Trying to ratchet up pressure on Congress, the White House on Friday detailed what it said would be the painful impact on the federal work force and certain government assistance programs if "large and arbitrary" scheduled government spending cuts are allowed to take place beginning March 1.

They include layoffs or furloughs of "hundreds of thousands" of federal workers, including FBI agents, U.S. prosecutors, food safety inspectors and air traffic controllers, said White House budget officials at a briefing and in a fact sheet that included these examples of what the cuts would mean:

â¿¿ 70,000 young children would be kicked off Head Start, 10,000 teacher jobs would be put at risk and up to 2,100 food safety inspections might have to be cancelled.

â¿¿Up to 373,000 "seriously mentally ill adults and seriously emotionally disturbed children" would go untreated, up to 1,000 fewer National Science Foundation research grants and effecting some 12,000 scientists and students could be threatened, many small business loans denied, workplace safety inspections curtailed, federally assisted programs like "Meals on Wheels" slashed and 125,000 low-income renters put at risk of losing government-subsidized housing.

â¿¿ Approximately 424,000 fewer HIV tests could be conducted by state agencies working with the Centers for Disease Control and some 100,000 formerly homeless people, including veterans, would be removed from their current housing and emergency shelter programs.

The so-called mandatory sequester cuts are a "serious threat to national security, domestic programs and the economy," Office of Budget and Management official Danny Werfel told a White House briefing.

The spending cuts were originally to take place beginning Jan. 1, but were put off until March 1 in a last-minute deal between President Barack Obama and Congress to avert a New Year's Day "fiscal cliff" of tax hikes and spending cuts.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,912.11 -70.48 -0.42%
S&P 500 1,969.95 -8.96 -0.45%
NASDAQ 4,442.6980 -2.2110 -0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs