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HOUSTON-On January 1, 2013, there could be problems larger than a hangover headache or queasy stomach. Those problems will involve the so-called “fiscal cliff,” a component of the Budget Control Act of 2011, which launches a mass of spending and tax cuts if Congress does nothing between now and then.

This aspect, known as sequestration, will launch $600 billion cuts in defense spending and $600 billion in domestic spending. And it goes without saying that those spending cuts will have an impact on the economy in the form of higher unemployment and lower GDP. It’ll also have an impact on commercial real estate, which is just starting to recover from the Great Recession and its aftermath.

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