Metals players bracing for sequestration effect
Mar 04, 2013 | 03:49 PM
| Catherine Ngai
NEW YORK With politicians on Capitol Hill unable to find middle ground ahead of imminent across-the-board budget cuts, steel and manufacturing players are mulling the short- and long-term impact that sequestration could have on their businesses.
After months of wrangling, congressional leaders were unable to reach a compromise before a March 1 deadline that automatically triggered budget cuts at government agencies totaling some $1.2 trillion over 10 years. The cuts are expected to be split evenly between the defense sector and domestic discretionary spending in an attempt to ratchet down a ballooning U.S. national debt.
Government agencies technically have until the end of the fiscal year, or Sept. 30, to determine where to cut. However, the House Armed Services Committee has said the Department of Defense (DoD) intends to begin making reductions immediately, and other agencies may follow suit.....
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