Budget Cut Impact: Smaller Navy, Fired Teachers
â¿¿Internal Revenue Service: A Treasury Department letter to Congress said the IRS would review fewer tax returns, which "could result in billions of dollars in lost revenue." The agency offered no specifics but said each $1 spent on the IRS has meant at least $4 in additional revenue.
â¿¿Agriculture: The Agriculture Department says meat inspectors could be furloughed up to 15 days, shutting meatpacking plants intermittently and costing up to $10 billion in production losses and $400 million in lost wages. The Food and Drug Administration would conduct 2,100 fewer food facility inspections this year. About 600,000 low-income pregnant women and new mothers would lose food aid and nutrition education.
â¿¿FBI: FBI Director Robert Mueller wrote to Congress that sequestration would be the equivalent of cutting 2,285 employees, including 775 agents, through furloughs and a hiring freeze. Every FBI employee would be furloughed for 14 workdays.
â¿¿ Interior Department: The department says it is preparing to reduce hours and services at all 398 national parks and might close up to 128 wildlife refuges. As much as $200 million in direct payments to states, mainly the West, could be eliminated. The cuts could force local governments to cut back on police and fire protection, schools, road maintenance and more.â¿¿Labor: More than 3.8 million people jobless for six months or longer could see their unemployment benefits reduced by as much as 9.4 percent. Thousands of veterans would not receive job counseling. Fewer Occupational Safety and Health Administration inspectors could mean 1,200 fewer inspections of dangerous work sites. There would be fewer investigations into complaints workers are being denied minimum wage and overtime pay. About 1 million fewer people would get help finding or preparing for new jobs. â¿¿NASA: Nearly $900 million in cuts would come from programs including money to help private companies build crew capsules to eventually send astronauts to the International Space Station, and to test new technologies for sending astronauts into deep space.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts