Automatic Cuts Could Mean 2 Million Jobs Lost

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America could lose more than 2 million defense and domestic jobs if Congress can't reach a deal to stop automatic spending cuts.

In a study for the Aerospace Industries Association, George Mason University's Dr. Stephen Fuller estimated the cuts that would happen if Democrats and Republicans can't reach a deal on slashing the deficit. The reductions would kick in Jan. 2.

Fuller's job loss estimates come at a time when new economic figures show the outlook for the U.S. economy looks even dimmer.

Americans spent less at retail businesses in June for a third straight month.

The Department of Commerce reports spending last month fell in nearly every major category.

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