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New Sequestration Projections Show Maryland Heading Off of Fiscal Cliff

Thursday, September 27, 2012

Governor’s Sequestration Memo Confirms Delaney’s Earlier Fears, Highlights Need for Comprehensive Plan to Grow Private Sector

September 27, 2012
Contact: Will McDonald 301-500-8642, will@delaney2012.com

Over the last year, on both the campaign trail and in his work with Blueprint Maryland, Congressional candidate John Delaney has emphasized Maryland’s precarious economic position in the face of looming federal budget cuts and the need for private sector revitalization in Maryland. As reported today in the Washington Post and the Baltimore Sun Maryland state officials believe sequestration cuts could reduce Maryland wages by over $2 billion and cost the state over 12,000 jobs. These reports coincide with the results of Delaney’s findings with Blueprint Maryland.

Going back to 2011, Delaney was one of the first to see and speak out on a statewide basis that federal budget cuts were inevitable and that Maryland would feel the impact of those cuts sharply. Delaney has made economic competitiveness the focus of his congressional campaign.

“For too long, both in Maryland and nationwide, we have seen negative employment trends, but we haven’t addressed them. That’s why I decided to step forward from the private sector and run for Congress: because I want every American to have the opportunity to have a good-paying job and to be able to support their family.”

“Sequestration is another example of how dysfunctional Washington has become: nobody thinks these drastic cuts are a good idea, but no one has a plan to fix it,” added Delaney.

The 46-page Blueprint Maryland report, “Maryland’s Business Climate and Vulnerability to Federal Downsizing” published in July of 2011, marshaled reams of economic data and outlined in detail the extent to which Maryland’s economic prosperity has been tied to federal spending as well as how far the state had slipped in fostering private sector growth.

“The latest projections put forward in the Governor’s memo are troubling, but they aren’t surprising. This scenario and the devastating effects it would have on Maryland have been readily apparent for some time,” said Delaney. “I call upon state and party leaders – from both sides – to address the issue of Maryland competitiveness,” said Delaney.

Delaney founded two New York Stock Exchange listed companies before the age of forty and has created thousands of jobs from scratch in Maryland. As Chairman and co-founder of CapitalSource, Delaney has helped thousands of small and medium-sized businesses grow by providing entrepreneurs with access to capital.

 

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