After a nerve-wracking holiday season with the country teetering on the very edge of the fiscal cliff, Congress passed 11th hour legislation to avert ruin and panic.
However, the bill did not raise the debt ceiling and only delayed the impending sequester – a series of automatic federal spending cuts that will reduce the budgets of most agencies and programs by 8-10% – effectively kicking the can down the road for two additional months.
So what can we expect from the 113th Congress? With a largely "status quo" assortment of legislators, our best guess is that we'll have a "status quo" outcome. But that isn't necessarily bad.
With so many issues on the table that could potentially have a major impact on our country and our industry, a slow and deliberative process is preferable to knee-jerk reactions and a flurry of legislative activity where legislators vote on bills they haven't even had a chance to read.
Here are three top issues that commercial real estate professionals should keep tabs on.