A key policy goal right now is to minimize short term austerity since the deficit as a percent of GDP is already shrinking quickly, and the deficit should continue to shrink over the next few years. So my view has been that something would be worked out on the "sequester" that would minimize immediate spending cuts.
It appears I may be wrong, and the "sequester" cuts might happen on March 1st.
[...]
The DOD is talking about a roughly 1-day-per-week furlough for civilian employees for the rest of the year (-20% for 6 months = -10% for the year) - http://www.nytimes.c...-budget-cuts.html
Cheers,
Scott.
(Who still expects the sequester to be short if it happens, but who knows what will be put in place even if it is short. Much more tax revenue is needed, but who knows if Boehner can get it past the teabaggers...)