"Until the financial markets are stabilized and mortgages are more readily available and more affordable to consumers," he said, "you're going to see an across-the-board impact on the market and it will affect all demographics".
"After every major conflict — World War I, World War II, Korea, Vietnam, the fall of the Soviet Union — what happened was that we ultimately hollowed out the force, largely by doing deep, across-the-board cuts that impacted on equipment, impacted on training, impacted on capability," he said.
The across-the-board spending cuts will impact a host of federal agencies, but especially the Defense Department.
Mr. Walton said that the cutbacks he sees are "segmented" rather than across-the-board, with "certain industries impacted more than others".
Weaker economies overseas and the impact of across-the-board government spending cuts have made businesses more cautious, reducing demand for manufactured goods.
Weaker economies overseas and the impact of across-the-board government spending cuts have made businesses more cautious, dampening demand for manufactured goods.
The Senate voted 89-8 early on Tuesday to pass legislation to block the impact of across-the-board tax increases and spending cuts scheduled to take effect at the beginning of the new year.
Barack Obama delivered a grim warning to the nation's governors at the White House on Monday about the impact of across-the-board spending cuts if Congress fails to find a deal by Friday's deadline.
The message is that while the leadership hopes to dampen the impact of across-the-board spending cuts, there is a new Pentagon reality, and everyone must deal with it.
WASHINGTON — The Senate on Thursday shot down competing bills to undo — or at least mitigate the impact of — across-the-board spending cuts in a desultory bit of political theater that ensured the cuts would go into force Friday with a partisan blame game in full tilt.
And even the president's own Office of Management and Budget pressed Mr. Hagel to suppress the release of statistics showing the dire potential impact of continued across-the-board cuts, according to several officials, who spoke anonymously to discuss an internal debate.
