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Washington reaches a deficit deal

from DBIA

On Jan. 2, 2013, President Obama signed into law the "American Taxpayer Relief Act of 2012" for now avoiding the "fiscal cliff," which would have raised tax rates and deeply cut government spending across the board. This automatic sequestration would have triggered a 9 percent cut in federal funding split between domestic and military spending respectively and would have a chilling effect on the military construction industry, of which design-build makes up an 80% market share. While automatic spending cuts have been delayed for now, Congress has less than 60 days to resolve the issue. more

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