WASHINGTON -- The Army estimates automatic budget cuts scheduled to take effect March 1 will have a $15 billion economic impact and affect more than 300,000 jobs nationwide, according to documents obtained by USA TODAY.
Georgia would be among the hardest-hit states, with an economic loss of $931 million under this scenario, Army documents stated.
The military faces $500 billion in budget cuts over 10 years from sequestration -- automatic budget cuts. The Army anticipates that it will need to slash $18 billion in spending by the end of this fiscal year on Sept. 30.
"It reaffirms what we have continued to say about the serious implications that sequestration will have on our national defense and broader economic well-being," said Mike Amato, a spokesman for the House Armed Services Committee, said in a statement.
The cuts will affect every Army installation, according to the documents. States with large bases and military contractors are taking the biggest hits.
Texas, for instance, would face a $2.4 billion economic loss from the Army's budget cuts. Nearly 30,000 Army civilian employees will be furloughed if the cuts go into effect. They will lose $180 million in pay.