How Budget Cuts Could Affect You
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.
Hospitals, doctors and other Medicare providers will see a 2 percent cut in government reimbursements. But they aren't complaining because the pain could be a lot worse if there was a deal to reduce federal deficits. The automatic cuts would reduce Medicare spending by about $100 billion over a decade. But President Barack Obama had put on the table $400 billion in health care cuts, mainly from Medicare. Republicans wanted more. Obama's health overhaul law is expected to roll out on time and largely unscathed by the cuts. Part of the reason is that the law's major subsidies to help uninsured people buy private health coverage are structured as tax credits. So is the Affordable Care Act's assistance for small businesses. Tax credits have traditionally been exempted from automatic cuts.
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