Business news from the Fredericksburg region.
Wittman to address sequestration cuts
U.S. Rep. Rob Wittman will speak in Fredericksburg later this month on looming federal budget cuts that many fear could damage state and local economies.
Unless Congress acts in the next few months, “sequestration” could lead to many job losses in Virginia, particularly in Hampton Roads and Northern Virginia.
Many of the automatic cuts, which are aimed at reining in federal spending, target the military. Because the Fredericksburg regional economy is heavily dependent on military spending, many local business leaders are concerned about it.
Virginia would lose 136,191 jobs from defense cuts alone, more than any other state, according to an analysis by George Mason University and Richmond-based Chmura Economics & Analytics. Non-defense budget cuts would eliminate an additional 71,380 jobs in Virginia. Only California, which has a much larger population, would lose more jobs.
Wittman will speak at an event starting at 1 p.m. Aug. 27 at the Hilton Garden Inn near Wegmans in Fredericksburg. The GovCon League is organizing the free event, which is targeting veterans and defense contractors. Seating is limited to 150 people, so those interested in attending are advised to come early.