January 14, 2013
THEY'LL BE VOTING REPUBLICAN AGAIN SOON:
Defense Cuts Could Burst the D.C. Business Bubble (JOSH BOAK and ERIC PIANIN, 1/14/13, The Fiscal Times)
The Census Bureau reported that seven of the nation's ten richest counties surround the capital, with Loudon County in Virginia the best-off with a median household income of $119,134. [...]For every federal procurement dollar, the Virginia-D.C. suburbs get 15 cents, according to data tracked by economists at George Mason University. The four Virginia congressional districts within a relatively short commute of the capital received $45 billion in defense contracts during 2011, according to the Center for Security Policy. These contracts bred wealth, but also vulnerability as efforts to foster other industries were stunted by the easy flow of government money.Things may be even tougher if the debt ceiling talks fail and the sequestration part of the Budget Control Act takes effect. Defense Secretary Leon Panetta, who is departing the administration, believes the Pentagon won't be able to escape the additional $50 billion of automatic defense spending cuts scheduled to take place this year under sequestration and has ordered a freeze on civilian hiring. That would cut about 10 percent of the Pentagon's non-war-fighting budget.
Posted by Orrin Judd at January 14, 2013 8:13 PM