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.