Crisis Averted, Crisis On Vacation

Posted by Rumin Mann
August 12th, 2011

The debt ceiling crisis has been averted, although Washington waited until virtually the last minute to do so. As the politicians focused on the debt ceiling they ignored most other business. This included funding for the Federal Aviation Administration (FAA).

As a result, collection of federal taxes on airline tickets (an estimated loss of $1 billion or more for the month of August), which is used to fund FAA projects, stopped. Further, more than 250 aviation development projects were suspended, furloughing roughly 4,000 federal workers and putting 24,000 construction workers (non-government employees) temporarily out of work according to the Associated General Contractors of America (AGC).

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