As predicted, the Democrats' refusal to cut any spending other than the military only delayed the inevitable. Now, as is already taking place in Greece, France and Spain, deep cuts must take place or the government will shut down. The fiscal cliff agreement and the Budget Control Act of 2011 called for sequestration on March 1st if an agreement on how to pay down the deficit was not reached. The sequestration mandates $1.2 trillion in spending cuts across the board throughout most of the federal government over the next decade. The only way to prevent sequestration is if the Democrats and Republicans come up with a compromise this week, which could involve tax increases, agreed-upon cuts, or both.
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