President Barack Obama speaks at Newport News Shipbuilding in Newport News, Virginia, where sequestration may cut thousands of jobs. February 26, 2013.
Not so bad at first, then quite bad. “While all of the effects wouldn’t be seen on March 1, the impacts would still be significant,” says federal budget controller Danny Werfel. Right away the cuts could prompt state and local officials to start laying off public employees. Within a month or two, the economy would feel the cuts’ cascading effects. The best scorekeepers say the sequester could result in 750,000 jobs slashed this year.