That’s the $85 billion question. No one knows. It could happen before the end of March, when Congress faces yet another deadline—to continue funding for the entire government. “That would be the optimistic scenario,” says budget expert Scott Lilly, “that somehow these knuckleheads come to their senses within that period of time.” If no deal is struck by then, all nonessential government operations will cease. Neither side wants government services to slow to a crawl, but it could happen.
All You Need to Know About Sequestration But Were Afraid to Ask
You changed the channel, you clicked away from the headlines, and you tried to ignore it. But the sequester can no longer be avoided. On March 1, the latest dysfunctional deadlock in Washington will trigger $85 billion in automatic cuts to federal spending over the next seven months, a reduction of about 2.4%. Pretty much anyone in any position of authority— Democrat or Republican— agreed this was a terrible idea when the law was written in 2011. Forecasters say the cut, if fully enacted, would slow U.S. economic growth by half a percentage point this year. But elected leaders are not yet ready to strike a compromise to replace the cuts. So it’s time to pay attention. Here’s seven frequently asked questions TIME answers.
When Will the Two Sides Come to the Table and Strike a Deal?
Full List
Sequester
- How Bad Will It Be?
- Does This Mean I Don’t Have to Pay My Taxes Because the IRS Will Be Shut Down?
- Why Is This Happening Again?
- Why All This Focus On Cuts? Wasn’t The Latest Election About Which Party Could Create More Jobs?
- What About Monthly Social Security Checks, Medicare and Veteran benefits?
- When Will the Two Sides Come to the Table and Strike a Deal?
- Is There Any Way to Limit the Damage?
- What Does “Sequester” Mean?