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→Specifics of Obama's plan
Critics warned Obama's [[economic planning|economic plan]] would create massive [[unemployment]] and a [[recession]]. Obama repeatedly claimed tax increases on the rich would pay for his plan, and [[Republican]]s compromised by voting for tax increases for the first time in two decades. As part of the deal, Obama's sequester cuts were delayed 60 days to avoid the inevitable [[fiscal cliff]] of his plan.
Critics warned Obama's [[economic planning|economic plan]] would create massive [[unemployment]] and a [[recession]]. Obama repeatedly claimed tax increases on the rich would pay for his plan, and [[Republican]]s compromised by voting for tax increases for the first time in two decades. As part of the deal, Obama's sequester cuts were delayed 60 days to avoid the inevitable [[fiscal cliff]] of his plan.
==Specifics of Obama's plan==
===Specifics of Obama's plan===
The Obama plan called for the President to issue [[Executive Order]]s for immediate cuts totally $85 billion to be divided equally between defence spending and programs such as [[Medicare]] and [[Social security]] for the remainder of fiscal year 2013. On the employment side, defence cuts are reflected in lost [[payroll]]s totalling half of the [[sequester]], or $42.5 billion; this is essentially $10,000,000 ''per hour'' in reduced payroll spending<ref>a classic picture of what is meant by the term, "economic contraction".</ref> by the federal government for individuals employed mostly as civilian contractors. Many will see permanent jobloss. A ripple effect, or "trickle down" effect will been seen soon thereafter in lesser paying retail positions.
The Obama plan called for the President to issue [[Executive Order]]s for immediate cuts totally $85 billion to be divided equally between defence spending and programs such as [[Medicare]] and [[Social security]] for the remainder of fiscal year 2013. On the employment side, defence cuts are reflected in lost [[payroll]]s totalling half of the [[sequester]], or $42.5 billion; this is essentially $10,000,000 ''per hour'' in reduced payroll spending<ref>a classic picture of what is meant by the term, "economic contraction".</ref> by the federal government for individuals employed mostly as civilian contractors. Many will see permanent jobloss. A ripple effect, or "trickle down" effect will been seen soon thereafter in lesser paying retail positions.