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Minnesota could lose 4,000 defense jobs

If Congress fails to halt automatic spending cuts later this year as they attempt to pull the nation back from the so-called fiscal cliff, the state could lose more than 4,000 defense-related jobs and nearly $350 million in revenue for each of the next nine years, the Star Tribune reports.
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If Congress fails to halt automatic spending cuts later this year as they attempt to pull the nation back from the so-called fiscal cliff, the state could lose more than 4,000 defense-related jobs and nearly $350 million in revenue for each of the next nine years, the Star Tribune reports.

The fiscal cliff, or sequestration – automatic across the board spending cuts to both defense and nondefense government spending, which grew out of a fight last year over the debt-ceiling – could hit Pentagon civilian workers first, NPR reports.

The Cleveland Plain Dealer puts "fiscal cliff" and "sequestration" in plain language as part of a presidential debates glossary.

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Minnesota lawmakers squabble over looming 'fiscal cliff'

It's only July, but Minnesota lawmakers in Congress are fretting over January – and not because of winter. Some observers say the nation's federal budget is headed for a "fiscal cliff." Without congressional action, on Jan. 1 Bush-era tax cuts are set to expire and $109 billion in automatic federal spending cuts will be set in motion. A partisan rift has split the state's lawmakers as they debate what Congress ought to do about it.