“Sequestration”. That’s the word that many Atlanta business owners are hearing more and more these days. But what is Sequestration? How much money is involved? When does it start? And how could it impact you and your business?
One of the most significant issues coming up is sequestration. If you’re unfamiliar with the word, you’re not alone. It is an obscure budgetary term used to explain a type of process to create spending cuts. Check out this video to learn what sequestration is all about.
Congress and the administration are down to their final week to strike a deal to avoid or delay the automatic budget cuts known as “sequestration,” and with both parties already pointing fingers rather than working on a compromise, the cutbacks appear inevitable. Should neither side budge, the federal government on March 1 must start making cuts that will slash spending over the next decade by $1.2 trillion.
Economists have been warning for months that if the $85 billion in indiscriminate budget cuts known as the sequester take effect, the consequences for the economy could be dire. But for small businesses, the prospects may be even worse.
Many interest groups, including small businesses, are following these developments very closely. Most do not want it to take effect, as it could lead the entire nation back into a recession. Others are actively calling for intervention and cooperation from Congress, The White House, and other leaders. So what are your thoughts? We’d love to hear what you think…from an Atlanta small business perspective.