Tuesday, February 26, 2013

Mayor Joins Efforts Calling for Budget Compromise at Federal Level

With the $1.2 trillion across-the-board cuts scheduled to go into effect March 1, news agencies continue to report of the impacts that sequestration may have to governments, cities, states and the nation. Here is one article that details what sequestration is. And here is a link that details what this means to LA County.

The City of Monrovia has been monitoring these cuts for several months. Today, Mayor Mary Ann Lutz joined the Los Angeles County Economic Development Corporation, along with regional economic development advocates, cities and defense companies, calling on our U.S. State Senators Diane Feinstein and Barbara Boxer to find a "grand bargain" with "a balanced and comprehensive package of solutions that include: tax code reform; entitlement reform; Workforce Investment Act (WIA) reauthorization; and short- and long-term job growth and economic prosperity strategies," according to the letter.

The impacts of sequestration to Monrovia businesses alone are significant. 

Back in October, the City of Monrovia released information that reported that local defense companies including could be impacted. More than 1,000 people are employed by Monrovia companies that have defense contracts. In some cases, up to 80 percent of the contracts that these companies have are defense related. 

Should the sequestration cuts move forward, it has the potential to curtail defense contracts, which could ultimately lead to job losses at these locations.


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