The sequestration budget axe is poised to fall on March 1. If it does, the initial installment of more than one trillion dollars in cuts will go into effect, leading to layoffs, furloughs, program cuts, fewer dollars allocated for defense spending, education and more. With no eleventh-hour rescue plan on the horizon, government agencies and the public are girding themselves for getting by on less. Senior Fellows Michael O’Hanlon and William Galston take a closer look.
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