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Thursday, September 13, 2012

Region Not Ready For Impact Of Federal Budget Cuts

The National Capital Region could face a major economic hit in the next few months unless Congress acts to halt looming across-the-board cuts to the federal budget, according to a Metropolitan Washington Council of Governments report.

To combat that grim economic picture, COG, which provides planning for the region, recommends that the area promote its economic diversity and go beyond the image of being simply a "government town."

The impending cuts, known as sequestration, would trim $1.2 trillion from the federal budget. The cuts take affect January 1 if Congress does not act and could lead to the loss of an estimated 240,000 local jobs.


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