ALARM SOUNDED: A report estimating that impending automatic budget cuts will cost the economy 2 million jobs next year underscores the deep political divide over how to avert the looming crisis.
THE REPORT: The Aerospace Industries Association warned of job and economic losses and a blow to wages from the $1.2 trillion, 10-year cuts in defense and domestic programs. The manufacturing trade group urged that Congress act before the November election to avoid the cuts.
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BIG DIFFERENCES: President Barack Obama and Democrats want tax increases on high wage earners to be part of any alternative to the cuts. Republicans reject that idea, contending that it would be reckless to raise taxes as the economy struggles to recover.
