Sequestration. It’s a buzz word worthy of “Fiscal Cliff” status, meaning we all wish Congress would get their act together so we could stop hearing and reading about it every day. Still, it’s important to remain current of the latest news, because the “across the board cuts” (sick of that phrase yet?) could impact small businesses contracted by the government, and even those who are not. For example, suppliers whose main customer is the government could leave other customers in a lurch if the government suddenly ceases doing business with them. As much as we’d all like it to go away, it’s no laughing matter: Cuts could go into effect tomorrow.
With possibly the weight of the economy on the line, let’s see what the news sources report as happening on The Hill:
- The LA Times reported that aerospace firms in southern California have already begun shedding jobs in anticipation of the coming cuts;
- CNN is in the same camp at the LA Times: The sequester cuts are already affecting, businesses, including many small businesses;
- Meanwhile, Daily News proclaims the last ditch efforts to averts the cuts as naught more than a ceremonial procedure to show the other party as responsible (both plans failed to pass);
- Politico kept it concise with a list from the AP of departments and areas that will be impacted, and how they will be;
- Fox News aimed at frivolous spending with a story about how Biden told everyone he’d take the train home to Delaware (as he did as a Senator) instead of the usual military jet. (He actually likes the train better).
Will your business be affected by sequestration? Has it already? What should Congress do/have done?