I would imagine that certain regions will have a direct impact with military spending reductions. The areas I could see hit the hardest would be the DC Metropolitan area, seeing as there are a seemingly endless amount of government and DoD contracting companies based in that area. I don't know that it would be like another recession, but I do anticipate an increase in people looking for jobs as their contracts end. As far as the rest of the country is concerned, unless there is a large military or DoD/government contracting footprint in the community, I don't think it will have much of an impact.
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