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Local effect troublesome

September 24, 2013
The Leader Herald

Recently, we published a story about the demise of Carville National Leather Corp., a leather tannery in operation in the city of Johnstown since 1967. In the story, company President Bob Carville explained 65 percent of his company's business came from military contracts that abruptly dried up when Congress and President Obama failed to reach a debt-reduction agreement in March, which triggered automatic across-the-board spending cuts, a process known as "sequestration." Altogether, the spending cuts have taken about $85.4 billion out of the economy.

 
 

 

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