NORFOLK—If Congress fails to reach accord on debt reduction, the dreaded sequestration process kicks in on March 1 and Hampton Roads could get hit very hard, according to an economist at Old Dominion University.
Professor Vinod Agarwal said the region would lose $1.45 billion in defense spending, which could translate into 28,700 jobs lost.
Agarwal said the jobs would not be limited to military positions. “The jobs will be spread throughout this economy.” Agarwal said.
Agarwal said the housing sector, tourism and local businesses would also be impacted.
Third District Representative Bobby Scott said members of Congress have no one to blame but themselves.
“When we passed the fiscal cliff, we did not deal with the sequester, we did not deal with the debt ceiling, we did not deal with the government running out of money because we didn’t fund the government for the full year, just through March,” Scott said.