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On Friday, March 1, Congressional leadership and President Obama failed to reach a deal to avert the $85 billion in automatic and indiscriminate budget cuts, called sequestration. The president signed an order directing the start of the spending cuts Friday evening. The White House issued a statement on Friday, Saying they hope to continue working to find a replacement for the sequester. However, any potential deal reached will likely be months away.
AGC has estimated in its sequestration report, Sequestration and Its Possible Impacts on Construction, that $4 billion in federal construction spending could be cut during the next seven months of fiscal year 2013 as a result of the sequester. The AGC report details the federal programs that could be subject to cuts as well as federal programs exempt from those cuts. These cuts will impact federal funding for well-documented project needs to improve flood control, improve transportation on land, water and in the air as well as support the critical missions of both civilian and military federal personnel.
AGC has consistently argued for the sequester to be delayed through FY 2013 to provide our industry a small level of certainty until a grand bargain can be reached that truly reforms and prioritizes discretionary spending programs and preserves entitlement programs for multiple generations.
In addition, this Wells Fargo report details the overall impact of sequestration on states, providing perspective for you concerning the relative impact sequestration will have on your state. Smith, Currie & Hancock also released an alert on how sequestration could impact your business.
Please TAKE ACTION NOW by contacting your federal Representative and Senators and telling them to stop cutting construction investment that supports America’s economic growth and national security.
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