Congress could grant the White House authority to make smarter cuts and perhaps put the blame on Obama in the process. Budgeters could delay some reductions until later in the year to buy Congress time to rewrite the law, but that would be risky. “If these cuts are concentrated into an even shorter period, there will be an even deeper cliff,” Werfel says.
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.
Is There Any Way to Limit the Damage?
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?