The $85 billion in sequestration cuts that became a certainty on Friday, March 1 hung over President Barack Obama’s Monday cabinet meeting like dark clouds.
“We are going to manage it as best we can, try to minimize the impacts on American families, but it’s not the right way for us to go about deficit reduction,” the president said, according to the Washington Post. He said his agencies would be supported as they make “some very difficult decisions” but stressed that sequestration will hurt and the unemployment rate could go up.
Unemployment will definitely go up as the following industries face troubling, if not severe, budget cuts that could result in the loss of hundreds of thousands of jobs over the next several months.
Take a look at the industries impacted by sequestration: