How will the fiscal cliff impact Florida?

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The looming fiscal cliff could have a serious impact on Florida’s economy, with the potential for 115,286 lost jobs and an unemployment rate that could rise to 9.9 percent, according to an analysis by Jones Lang LaSalle’s Florida research team. Spending cuts that would kick in if Congress fails to reach an agreement could reduce Florida’s economic output by 1.1 percent, which translates to about $8 billion, along with the potential for another 35,827 jobs lost from Medicare. Potential defense cuts could mean Florida contracts seeing a $13.3 billion cut, with a total economic impact of 0.5 percent, or $3.6 billion lost in gross state product. Among cities in Florida with the highest exposure to public companies that with more than 20 percent of their sales to the federal government, Fort Lauderdale ranks second. — Alexander Britell