As an Aug. 2 deadline looms on raising the federal debt limit and with no deal yet in sight (at ENR's press time), anxious construction industry officials await Washington's next move as lawmakers negotiate a plan to steer the U.S. clear of a default on its debt obligations.
Construction economists say if congressional leaders and the White House fail to strike a deal on hiking the $14.3-trillion debt ceiling, the consequences for the industry would be dire. They say interest rates would likely jump across the board and credit would be pinched much tighter than in 2008, slamming the brakes on new projects.