As deadline looms, planning for the worst and hoping for the best
There’s a lot of talk around Washington these days involving a nasty “s”-word: sequestration. It’s the name given to the deep, across-the-board federal spending cuts set to go into effect in January if Congress does not intervene.
These cuts were meant to be an incentive for a Congressional “super committee” to find an alternative way to reduce the deficit, but its failure to reach any agreement triggered $1.2 trillion in reductions during the next decade. As the deadline approaches for lawmakers to avert the cuts, many local leaders are concerned.
“When you tie your economy to one horse, it really has to be a good horse. And ours has come up lame now,” says Stephen Fuller, director of George Mason University’s Center for Regional Analysis. Continue reading “Part 2: D.C. Area Braces For Impacts Of Federal Budget Cuts”