Federal Sequestration > What Does It Mean For You? Under the Budget Control Act (BCA) of 2011, automatic spending cuts, as well as tax increases on the economy, are scheduled to take place at the beginning of next year. In 2013 alone, sequestration will cut $54.7 billion from defense spending, $38.6 from non-defense and certain discretionary programs, and $16.1 billion from non-exempted and mandatory programs. The North Carolina Chamber believes the federal debt needs to be brought down responsibly; however, these deep and indiscriminate cuts will have a vast negative impact on our state, and the nation as a whole. North Carolina is estimated to be the 10th most-impacted state and is expected to lose more than 34,000 jobs!
Chamber Out Front Back in early July, the NC Chamber joined businesses across the state in urging leaders in Washington to address this looming crisis! The Chamber has also submitted an opinion article warning everone of the pending U.S. budget cuts. Most recently, the NC Chamber signed onto a coalition encouraging Congress to to immediately enact legislation that averts America’s impending fiscal cliff.
Jay Timmons, President & CEO, NAM; Will Austin, Director of GA, Lord; and Lew Ebert, President & CEO of the NC Chamber, on sequestration’s impact on North Carolina manufacturers.