What is Sequestration?
Title
With political policies and tax breaks reaching their end of life, Congress is forced to deal with locating resolutions to prevent another economic crisis from happening. The sequestration deadline is approaching which can result in hundreds of thousands of people losing their jobs. The local economy will take a toll as loss of job means loss of income, which can result in less spending at merchants.
What is sequestration? Sequestration is a fiscal policy procedure adopted by Congress to deal with the federal budget deficit (cite CNN.com). Basically it is a way for the government to force spending cuts in the form of job loss. This action will supposedly help Congress eliminate the deficit that is exponentially growing. The fiscal cliff was the first major issue for 2013, with sequestration pushed back until March 1st. If implemented in January, furloughs and cuts would have taken place throughout the entire year. Congress must now make drastic cuts within a seven month time frame to trim down roughly $1.7 trillion. The shortened time frame will eliminate more jobs at one time than spreading out throughout the year. As the political parties are still trying to reach a decision, local companies, businesses and corporations are planning ways to deal with the looming sequestration
Local impact. Over the years the government has started contracting federal jobs out to local companies and businesses. These businesses have created new jobs in the local community for hundreds and thousands of people, building the economy around the towns and cities. With the sequestration deadline approaching, businesses are being informed to start planning on job cuts and furloughs beginning March 1st. The impact can yield devastating effects on the local economy. Job loss means no income and a loss of spending by citizens. People will start trimming down spending while looking for other opportunities for employment. Local businesses will feel the effect with less to no
With political policies and tax breaks reaching their end of life, Congress is forced to deal with locating resolutions to prevent another economic crisis from happening. The sequestration deadline is approaching which can result in hundreds of thousands of people losing their jobs. The local economy will take a toll as loss of job means loss of income, which can result in less spending at merchants.
What is sequestration? Sequestration is a fiscal policy procedure adopted by Congress to deal with the federal budget deficit (cite CNN.com). Basically it is a way for the government to force spending cuts in the form of job loss. This action will supposedly help Congress eliminate the deficit that is exponentially growing. The fiscal cliff was the first major issue for 2013, with sequestration pushed back until March 1st. If implemented in January, furloughs and cuts would have taken place throughout the entire year. Congress must now make drastic cuts within a seven month time frame to trim down roughly $1.7 trillion. The shortened time frame will eliminate more jobs at one time than spreading out throughout the year. As the political parties are still trying to reach a decision, local companies, businesses and corporations are planning ways to deal with the looming sequestration
Local impact. Over the years the government has started contracting federal jobs out to local companies and businesses. These businesses have created new jobs in the local community for hundreds and thousands of people, building the economy around the towns and cities. With the sequestration deadline approaching, businesses are being informed to start planning on job cuts and furloughs beginning March 1st. The impact can yield devastating effects on the local economy. Job loss means no income and a loss of spending by citizens. People will start trimming down spending while looking for other opportunities for employment. Local businesses will feel the effect with less to no