While damage from the tax portion of the fiscal cliff could be split relatively evenly across the country, the sequestration will hit hardest in states that rely heavily on government jobs and contracting opportunities — potentially delivering a double whammy to Maryland and hitting neighboring Virginia, which could lose some of its workforce dependent on government contracts, but is expected to have the 28th-worst impact from tax hikes.
Some analysts predict that the cliff could plunge the U.S. into long-term struggles and possibly another recession, but Mr. Fichtner said he would expect only a three- to six-month dip in consumption and saving followed by a gradual adjustment.
“Right now, in the Beltway, we’re paying attention. People on the outside are paying a little attention, but I still don’t think they know what it means,” he said. “But people are going to wake up on Jan. 15 and Jan. 16, and they’ll know when they see their paychecks.”
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David Hill joined The Washington Times in February 2011 as a Maryland political reporter. He can be reached at dhill@washingtontimes.com.
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