The inability of the congressional "supercommittee" to agree on a deficit-reduction plan will trigger $1.2 trillion in mandatory across-the-board spending cuts over the next 10 years. The cutbacks, which start in January 2013, will be split between defense and non-defense categories. Also, federal construction programs' budgets will not be spared.

Jeffrey Shoaf, Associated General Contractors of America senior executive director for government affairs, says, "The failure to get an agreement adds more uncertainty for our industry, [which] is still suffering with double-digit unemployment. And we can scarcely afford more uncertainty."