White House details what each state stands to lose if $85 billion in spending cuts take effect on March 1.
Funding for education in New Jersey would be slashed by nearly $30 million and drastic cuts made to health care programs and environmental protection should Congress fail to halt $85 billion in "sequestration" spending cuts scheduled to take hold March 1, the White House said Sunday. The federal government would save $75 million by furloughing 11,000 civilian military contractors, and another $59 million by cutting funding to military bases. The cuts would include: The total federal spending cuts would be about $1.2 trillion over the next 9 years. Republicans have accused the president of using the impending cuts for political gain. President Obama's plan asks for increased tax revenues to offset some of the trillion-dollar cuts.