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IMF to Revise US Growth Forecast, Sequester1 Blamed
With across the board budget cuts all but guaranteed, some government agencies already have placed a freeze on hiring. At the Federal Aviation Administration, up to 40 thousand workers expect to see their hours reduced.
"It means I will probably be late on a house payment, not buy enough groceries, and then you throw that in with gas prices going up, it is devastating," said Gary Perusse, FAA worker.
The same is true for customs and border security agents, for meat inspectors2 and educators. Low-income families and the long-term unemployed3 also will lose benefits. The net effect, said budget expert Scott Collender, is negative stimulus4 for an economy that's barely growing.
"Without businesses spending, without consumer spending, without trade helping5, lower government spending is going to hurt and hurt substantially," said Collender.
Estimates say the cuts could shave more than half a percent from gross domestic output. That's enough for the International Monetary6 Fund to revise earlier estimates for U.S. growth.
"A lot of it depends upon how aggressively or how fully7 sequestration is implemented8. There will be an impact on global growth," said IMF spokesman William Murray.
Analysts9 say the spending cuts could cause delays in shipping10 and cut U.S. demand for imported goods.
Most frustrating11, said economist12 Charles Konigsberg, is that the crisis could have been avoided. "I think it's a lose, lose situation. Everyone loses."
The cuts come as the economy was showing signs of progress. Despite the setback13, President Barack Obama said negotiations14 with Congress would continue.
"...if Congress comes to its senses, a week from now, a month from now, three months from now - then there's a lot of open running room there for us to grow our economy much more quickly," said Obama.
1 sequester | |
vt.使退隐,使隔绝 | |
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2 inspectors | |
n.检查员( inspector的名词复数 );(英国公共汽车或火车上的)查票员;(警察)巡官;检阅官 | |
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3 unemployed | |
adj.失业的,没有工作的;未动用的,闲置的 | |
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4 stimulus | |
n.刺激,刺激物,促进因素,引起兴奋的事物 | |
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5 helping | |
n.食物的一份&adj.帮助人的,辅助的 | |
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6 monetary | |
adj.货币的,钱的;通货的;金融的;财政的 | |
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7 fully | |
adv.完全地,全部地,彻底地;充分地 | |
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8 implemented | |
v.实现( implement的过去式和过去分词 );执行;贯彻;使生效 | |
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9 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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10 shipping | |
n.船运(发货,运输,乘船) | |
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11 frustrating | |
adj.产生挫折的,使人沮丧的,令人泄气的v.使不成功( frustrate的现在分词 );挫败;使受挫折;令人沮丧 | |
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12 economist | |
n.经济学家,经济专家,节俭的人 | |
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13 setback | |
n.退步,挫折,挫败 | |
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14 negotiations | |
协商( negotiation的名词复数 ); 谈判; 完成(难事); 通过 | |
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