Virginia's Senators Hoping for Compromise on 'Fiscal Cliff'
If lawmakers fail to reach compromise, sequestration would hit Northern Virginia especially hard.
While the potential loss of thousands of jobs and a devastating economic blow loom over the region thanks to sequestration, Virginia's senators can only wait and hope a workable compromise is reached before the new year. If such a compromise is not reached by Tuesday, a series of tax increases and spending reductions kick in automatically — taking the country over the so-called fiscal cliff. Some economists and politicians are concerned the combined effect will send the United States back into a recession. U.S. Sen. Mark Warner, a Virginia Democrat, told CBS News this week that at this point any deal that could be made would be relatively small. “I think there’s unfortunately only going to be a small deal,” Warner said. “… We have to …
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