U.S. Senator Barbara Boxer (D-CA) issued the following statement after Senate Republicans blocked legislation that would have averted the sequester, the $85 billion in indiscriminate, across-the-board spending cuts that will start to take effect tomorrow:
"It's a sad day when Republicans filibuster a plan to avoid the sequester that a majority of the Senate supported. The Republicans stopped us from ending this meat-ax sequester because they don't want multi-millionaires to pay their fair share in taxes.
"This is not the time to embrace a policy that will lead to a loss of pay and loss of jobs in California and nationwide. We need a growing, not a slowing economy."
The Congressional Budget Office estimates that the sequester could lead to the loss of 750,000 jobs this year, and economists predict that it would decrease economic growth by half a percentage point. The sequester would have far-reaching impacts in California and across the country.