Saturday, March 2 2013 2:52 PM EST2013-03-02 19:52:35 GMT
Severe spending cuts now the law of the land, President Barack Obama and congressional Republicans refused Saturday to concede any culpability for failing to stave off what both More >>
Severe spending cuts now the law of the land, President Barack Obama and congressional Republicans refused Saturday to concede any culpability for failing to stave off what both parties acknowledged was a foolhardy way to slash $85 billion in federal spending.More >>
SAN DIEGO (CBS 8) - The countdown to budget cuts is underway, and $85 billion in sweeping cuts are expected to kick in midnight Friday.
And with much of our local economy tied to the Military, San Diego will feel the impact.
According to city leaders, the sequestration will cost California thousands of jobs, the most in the nation, and it looks like San Diego will be hit the hardest because of its large Military community.
"Almost one in four jobs in San Diego County are defense related, nearly 25 percent of defense contractors are small businesses. Already ship building and maintenance contracts have been canceled, including 10 ship repairs in San Diego," says Congressman Scott Peters.
Officials say shipbuilders like Nassco have already notified hundreds of employees about possible layoffs. Scientific research and investment in our ports will also be impacted.
Congressman Peters says he understands cuts need to be made but this sequestration is not the solution.