Bipartisan Groups of Senators Working to Avert Both Spending and Tax Portions of the “Fiscal Cliff”
Although Congress has adjourned until after the Nov. 6
election, bipartisan groups of senators are meeting to start compiling a plan
to avoid the looming fiscal cliff. The
Gang of Six (senators Warner (D-VA), Chambliss (R-GA), Durbin (D-IL), Conrad
(D-ND), Crapo (R-ID) and Coburn (R-OK)), which has been discussing a bipartisan
deficit reduction plan since late 2011, has recently added two Senators
(Alexander (R-TN) and Bennett (D-CO))
and planned meetings between now and election day. This group is primarily focused on avoiding
the fiscal cliff of the automatic tax increases that will impact all working
Americans on January 1, 2013.
In addition, another bipartisan group consisting of Senators
McCain (R-AZ), Levin (D-MI), Ayotte (R-NH), Graham (R-SC), Shaheen (D-NH) and
Whitehouse (D-RI) has been focused
primarily on avoiding the $109 billion of indiscriminate, automatic budget
cuts—a process called sequestration—currently set to occur on Jan. 2, 2013, The
Second group is largely angling to avoid cuts to defense programs. AGC chapters and members met with their
Congressional offices this week during the National Chapter Leadership
Conference to discuss the impacts of the fiscal cliff on the construction
The groups are discussing a three-step process to avert both
elements of the fiscal cliff. The first step would be an agreement on an
overall deficit reduction figure—which some have noted to be $4 trillion over
10 years—achieved through tax and entitlement reform as well as spending cuts.
With that framework approved, relevant congressional committees would be
responsible for drafting the details within six months to a year. The
commission’s tax, entitlement and spending reforms could yield as much as $2
trillion in savings. Lastly, Congress would vote to replace sequestration with
specific budget cuts and delay the expiration of the Bush tax cuts.
Details of this plan remain unclear and the situation is
extremely fluid. However, the consequences of falling off the fiscal cliff
remain clear: many federal construction investment accounts could see an 8 to
10 percent cut in available budgetary resources and taxpayers will experience as
$390 to $500 billion tax increase. AGC continues to work with House and Senate
staff to encourage a bipartisan proposal to not ignore the positive impact
infrastructure investment has on our overall economy and the impact of ignoring
required maintenance of our infrastructure assets. More information on the fiscal cliff can be
found here and the prioritization of infrastructure investment here.
For more information, please contact Jimmy Christianson at (703) 837-5325
or firstname.lastname@example.org or
Sean O’Neill at (202) 547-8892 or email@example.com.
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Presidential Debate Series
Last night in the battleground state of Colorado, President
Barack Obama and former Gov. Mitt Romney met for the first of three
presidential debates. This debate focused on domestic policy and featured
discussions on the economy, tax policy, health care and the role of
Pundits across all network and cable shows agreed that
Romney outperformed expectations and the president appeared off his game.
While early polls of uncommitted voters showed Romney winning the debate, it is
yet to be seen if the governor’s performance will change the momentum in the
race. Nationally, a recent Politico/GWU Battleground Poll showed the race
within the margin of error, but Obama still maintains leads in many key swing
states. For evidence this debate moved
uncommitted voters or those leaning toward re-electing the president to
Romney’s side – look for movement in polls from Florida, Iowa, New Hampshire,
Ohio and Virginia. Especially focus on
any movement among undecided and democrat voters.
The next debate in the presidential series will take place
on Thursday, October 11 between Vice President Joe Biden and Congressman Paul
Ryan. It will focus on domestic and foreign policy. This will be
the only time the vice presidential candidates meet to debate.
- Thursday, October 11: Vice Presidential Debate
at Centre College in Danville, KY
- Tuesday, October 16: Presidential Debate at
Hofstra University in Hempstead, NY
- Monday, October 22: Presidential Debate at Lynn
University in Boca Raton, FL
For more information, please contact David Ashinoff at (202) 547-5013
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AGC Chapter Leaders Visit D.C., Call On Congress to Stimulate Demand for Construction
this week, AGC’s chapter leaders descended upon Washington, DC for its annual
National & Chapter Leadership Conference. This conference is designed to
bring chapter leaders together to discuss best practices and meet with Members
of Congress to address AGC's top legislative issues. AGC members visited with more
than 100 members of Congress and their staff.
During the meetings with legislators, AGC members used the opportunity
to urge support for increased federal investment in infrastructure,
multi-employer pension plan reform, extending expired and expiring tax
provisions to avoid the fiscal cliff and support legislation to stop EPA
guidance from expanding federal wetlands jurisdiction.
Conference-designated “hill day” commenced with a session featuring Charlie
Cook, who gave his election outlook for the House, Senate and Presidential elections
and ended with a discussion on the current Congress and ways to fix the federal
debt between AGC CEO Stephen Sandherr and Rep. Stephen LaTourette (R-OH).
more information, please contact Brynn Tupper at (703) 837-5376 or firstname.lastname@example.org.
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Registration Now Open! AGC’s Winter Financial Issues Forum
Formerly AGC Tax & Fiscal Affairs Committee
The AGC Financial Issues Forum will hold their winter meeting Jan.
10-11, 2013 in Scottsdale, Arizona at Hotel Valley Ho. At this meeting,
attendees will discuss numerous topics, including: the legislative and
political landscape including the plans for comprehensive tax reform, an update
of Federal Accounting Standards Board (FASB) activities, and a discussion on evolving
construction tax issues.
To register for the
forum, please click here.
For more information,
please contact Jeff Shoaf at (202) 547-3350 or email@example.com.
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