WASHINGTON — As many as 750,000 people could lose their jobs by the end of the year if the rash of spending cuts known as the "sequester" takes effect March 1, according to an estimate from the nonpartisan Congressional Budget Office.
"We think that would reduce the level of employment by the end of the year about 750,000 jobs," Doug Elmendorf, the director of the CBO, said during a House Budget Committee Hearing on Wednesday.
"That's a whole lot of jobs, obviously, and we should be working overtime to try to prevent that job loss," Rep. Chris Van Hollen, the ranking Democrat on the committee, responded.
The dire estimate comes as Rep. Paul Ryan, the House Budget Committee chairman, and a host of other lawmakers have predicted that the sequester will indeed take effect.
On Thursday, Senate Democrats plan to unveil an $85 billion package of spending cuts and revenue increases in an effort to delay the sequester for one year.