Failed Debt Deal Not Just Business As Usual for CRE

WASHINGTON, DC-There are so many ramifications for the failure of Congress to reach agreement on a debt deal it is difficult to know where to begin. Continued gridlock and political animosity is a given for another year, leading up to the presidential election. Ditto a lack of leadership from Congress on the country’s economic problems. Many key tax issues will be left hanging, such as the payroll tax break that President Barack Obama had wanted to see extended for at least another year. Without an agreement from Congress, that is poised to expire at year’s end.

All of this matters a great deal for the commercial real estate industry. If there is one thing the industry detests it is uncertainty, says Dennis Russo, co-chair of the commercial real estate practice at Herrick, Feinstein.