Video: President Obama Gives Speech on the Impact of the Sequester at NSS
Unless Congress takes action, over the next few weeks the U.S. economy will be hit with harmful automatic cuts that threaten hundreds of thousands of middle class jobs. President Obama yesterday visited, 26 February, shipyard in Newport News, VA to talk about what these cuts — which are known as the sequester.
While the full damage of these cuts will spread to nearly every corner of USA economy over the next few months, some workers will receive layoff or furlough notices within days. Many of the 5,000 companies and small businesses from across the country that supply Newport News Shipbuilding with parts and equipment will be impacted, which will affect the firm’s productivity. And down the road at the Norfolk Naval Station, the threat of these cuts has already forced the Navy to cancel the deployment and delay the repair of certain aircraft carriers, and postpone building on additional vessels. If the cuts are implemented, about 90,000 Virginians who work for the Department of Defense will be forced to take unpaid leave from their jobs, creating a ripple effect on thousands of other jobs, businesses, and services throughout the Commonwealth – and not just in the defense industry.
The plan put forward by President and Congressional Democrats would avoid these cuts and allow time for both sides to work on a long-term, balanced solution to our deficit challenges. President Obama’s proposal resolves the sequester and reduces the deficit by over $4 trillion dollars in a balanced way- by cutting spending, finding savings in entitlement programs and asking the wealthiest to pay their fair share.
Shipbuilding Tribune Staff, February 27, 2013; Video: whitehouse/youtube