Reston Spring

Reston Spring
Reston Spring

Tuesday, August 25, 2015

Cloud of sequestration looms over D.C. region, Washington Post, August 23, 2015

Jonathan O'Connell, WaPo, wrote an excellent article this weekend on the Congressional federal budget axe that hangs over our region, including Fairfax County and Reston, in the name of "sequestration"--most of which will hit Defense Department spending, a major driver of local economic growth via federal employment and contracts for our county and community. 

Here are a couple of key passages from that article:
No state is more reliant on defense spending than Virginia, where it affects nearly 13 percent of the commonwealth’s economic output, tops nationwide, and provides the basis for 11 percent of jobs, third in the nation. . .
. . . office parks in Northern Virginia have emptied while defense contractors consolidated or closed locations, and developers of some new buildings have had trouble finding companies willing to sign deals.
According to the Defense Department research, things are likely to worsen over the next four years. From 2010 to 2012, Virginia experienced $9.8 billion in defense cuts, with the vast majority of losses in Northern Virginia. Direct defense spending in the state is projected to drop from $64 billion this year to under $62 billion in 2019.

Virginia’s elected leaders are sounding the alarm, with Senators Timothy M. Kaine (D) and Mark R. Warner (D) repeatedly calling for budget legislation to replace the sequester. . . .
Further sequestration is likely in the Republican-led Congress, although these Senators and Congressmen may also be looking at the 2016 election. 

Click here to read the full article.

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