The $1.2 trillion "cut" is actually only abut $850 billion because it includes interest estimates. If $850 billion is cut, there is not need to pay interest. Thus, the cuts amount to only $85 billion per year. The government now spends about $3.7 trillion per year. "Slashing" $85 billion would drop that to $3.615 trillion - which is still about $1 trillion more than is collected in tax revenue.
They should be able to cut $85 billion without anyone noticing it. Even if they do, the government will still collapse under its own weight.
Buy gold and silver, guns and ammunition, and keep one year's supply of food and water handy.