Obama's Revenge

Obama is all in favor of Taxmagedden. And he's committed to the sequestration, which would immediately destroy 1 million jobs.

Automatic across-the-board cuts to the budget set for Jan. 2 will cost the United States 1 million jobs, according to a new study released Thursday by the Bipartisan Policy Center (BPC).

The job-loss projection comes from cuts to defense and non-defense spending. 

The BPC predicts gross domestic product will decline by 0.5 percent if the full $109 billion defense and non-defense sequester goes through.

The base defense and intelligence budget will be cut by $55 billion or 15 percent on Jan. 2, when politically sensitive war funding is stripped from the equation, the group said. It warned of a massive disruption in the defense supply chain that could spark massive contract litigation. 

"This is a reverse stimulus plan. That's what we are talking about here," BPC task force member and former Agriculture Secretary Dan Glickman said.