Here’s a short little article about the myths of the sequester for someone with no clue what it is.
Myth #1: It’s all Pres. Obama’s fault. Nope, everybody’s (in the Capitol) fault
Myth #2: The world will significantly change instantaneously. Nope, gradual changes taking place over months
Myth #3: Is it THAT hard to cut $85B out of a $3.5Tr budget? That’s the bad thing about the sequester, it’s not going in with a fine-toothed comb and seeing where we can trim the fat and cut extraneous programs, it’s going through almost all the departments saying ‘You have to cut x amount, and you have to cut x amount, and you have to cut x amount.’
Myth #4: The economy is doomed! Dooooomed! Not quite doomed, but adversely effected. How bad varies from economist to economist
There’s still time for Congress and/or the White House to come to a deal to override the sequester though, as was stated, the cuts will take place gradually. Though at this point, it’s anyone’s guess whether the papal conclave elects a new Pope after the first resignation in nearly 600 years, or Congress reaches a deal first.
via Yahoo! Finance’s Financially Fit: “4 Myths about the Spending Cuts”