U.S. employers are set to take a hit from the Trump administration’s budget cuts, with jobs at the nation’s largest employer likely to shrink and employers at the country’s largest health care provider expected to experience a drop in enrollment.
Hospitals and nursing homes are among the industries that are likely to lose jobs.
The White House estimates job losses in those sectors will hit $1.3 trillion in the first year.
The Office of Management and Budget said in a report released Tuesday that those jobs were already under pressure and that the cuts are likely only to worsen.
The cuts could hit even deeper.
OMB said in its report that job losses would reach $1 trillion in 2024, the year the next presidential election is held.
The report said that while jobs in health care and health care services were already in decline under President Obama, the job losses are likely not to reverse and will accelerate under Trump.