This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Automatic Spending Cuts Are Issue In Some Races

Kaine, for his part, makes clear that he opposes sequestration and the defense cuts associated with it. He has offered an alternative that would mix other spending cuts with higher taxes on those making above $500,000 a year.

His spokeswoman, Brandi Hoffine, said the issue shows a difference in the candidates' philosophies: Kaine was willing to accept an imperfect compromise to prevent the potential catastrophe of default, while Allen would have shunned compromise and risked default to pursue an all-or-nothing agenda.

"Business people know that a default would have had a very serious impact on the entire economy, including defense," Hoffine said.

In Loudoun County, an outer suburb of Washington and home to some tech companies and defense contractors, the issue of sequestration is not pervasive, said Tony Howard, president of the county's Chamber of Commerce.

"Inside the Beltway it dominates the conversation." Howard said. "Here, I don't think it's something that a lot of the rank-and-file business owners are focused on."

Business owners, Howard said, more generally see the sequestration dilemma as a broader symptom of the general dysfunction in Washington.

"A lot of the business people I talk to, they don't get it. They don't understand why compromise is a dirty word," he said. "In business, you have to compromise."

At a rally last week for GOP presidential hopeful Mitt Romney in Chesapeake, Va., part of the Hampton Roads region that has a large military presence, the issue was important for some voters but not others.

"It's a big issue, not only because I work in the shipyard, because if the federal government is going to spend money, it should spend money to protect and defend the country," said Vitor Maruues, a retired Air Force maintenance officer and now an engineering analyst at Newport News Shipbuilding. "I'd rather have paid workers in the shipyard and other defense contractors that are scientists, engineers, metal cutters, pipe fitters, plumbers than provide for people on unemployment, on food stamps and on welfare."

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs