Debt agreement's $1 trillion in cuts will hurt construction industry

08/1/2011 | Engineering News-Record

The construction industry must prepare for the consequences of $1 trillion in spending cuts that could come under an agreement passed by the House and now in the Senate to increase the federal debt limit. Although the debt proposal does not detail specific reductions, non-security discretionary spending -- which pays for most government-funded construction projects -- would be cut by $5 billion over the next two years, according to Rep. Steny Hoyer, D-Md., House majority whip.

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