Sequester threatens 5K local jobs, $400M in lost revenue - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Sequester threatens 5K local jobs, $400M in lost revenue

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SAN DIEGO (CBS 8) - We are just a week away from the automatic spending cuts known as "sequestration."

Mayor Bob Filner says budget cuts to the Defense Department could mean 5,000 lost jobs for San Diego's maritime industry. Congressman Scott Peters says canceled military projects would cause $400 million in lost revenue.

"Ships will not be repaired, our readiness as a nation will go down, civilians in the defense department will be laid off," Filner said.

"We're concerned about border security, we're concerned about border efficiency. All of that also gets cut. And that means those are other jobs we could be creating by using good trade across the border. That capacity's all lost too," Peters said.

Both are calling on Congress to come up with a solution without sacrificing national security.

President Obama is working with lawmakers to come up with a compromise.

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