Florida TaxWatch warns no sequester deal could mean second recession
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By WFLA.com web staff
TALLAHASSEE, FL -
A second recession, that's what's ahead according to a Florida research group. Florida TaxWatch says if Congress can't reach a deal to avoid the sequester, then the economic recovery would halt. Through the budget battle back and forth, Florida has more on the line than almost any other state.
Our military is in the crosshairs. Automatic spending cuts slated for March1 heavily target military spending in Florida. Right now, more than a 100-thousand Floridians are active or reserve soldiers.
Teachers are also in danger of the sequester. An estimated 750 Florida teachers could lose their jobs if Congress doesn't act fast.
Jerry Parrish, the chief economist at Florida TaxWatch says Florida stands to lose more than most because of our tourism's hot spots and military bases.
"We have a big defense industry," Parrish said. "They are going to see cuts. All federal employees will see a cut in their pay and possibly have to take furloughs. It will also affect (U.S.) Customs and Boarder," he said.
TaxWatch released their report just days before the looming deadline. It claims the sequester could set off a chain reaction hurling Florida into a second recession.
"Continuing contractions because of the lack of investment and continued consumer spending certainly could head us toward a recession again," according to Parrish.
Florida Republican Governor Rick Scott came out strong against the automatic spending cuts Monday comparing Congress to school children in a game of chicken. "It's disappointing that the federal government can't do what we've done in our state," Gov Scott said.
While many agree the federal government needs to break its spending addiction, Congress remains divided on when and where to cut. If the stalemate holds the decision will be made without them.
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