MILFORD – The clock struck midnight Friday and no jobs disappeared at Tech Resources, Inc. But, as he looks to the future, company president Paul Vermette fears that if federal sequestration cuts are allowed to stand, the business itself may vanish into thin air.
“If the government can’t figure out what the hell’s going on, we could very well be out of business,” Vermette, head of the Milford-based defense contractor said this week. “It won’t affect us in a week from now or a month from now, but a year from now we aren’t going to be there if they can’t figure it out.”
After months of heated debate, the so-called sequester went into effect Friday, promising $1.2 trillion in automatic budget cuts over the next 10 years to defense and domestic programs. Federal economists, who project $80-$85 billion in cuts by the end of Fiscal Year 2013, estimate the cuts could force as many as 2 million job losses across the country, including 6,000 government jobs in New Hampshire.
But, if they are allowed to stand, the cuts, to be rolled out starting in the next several months, will also dig into the local employment ranks, threatening layoffs and closures at military contractors and suppliers, among other companies across the state, New Hampshire business owners said this week.![]()
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