What is all this talk about sequestration? According to Speaker of the House John Boehner, it is a " product of the president's own failed leadership."
"$85 billion in across-the-board cuts will occur this year, with another $1.1 trillion coming over the next decade. "
"By law, the sequester focuses on the narrow portion of the budget that funds the operating accounts for federal agencies and departments, including the Department of Defense. Exempt is most entitlement spending—the large portion of the budget that is driving the nation's looming debt crisis."
The military will lose funding, but not entitlement programs.
Two summers ago the congress agreed to raise the debt ceiling, but in order to come to that agreement they passed the Budget Control Act. This meant 2 things: first, immediate caps on discretionary spending. Second, the formation of a committee to find a way to cut spending.
Obama, a few months later came up with the sequester in stead of raising the debt limit during his campaign.
"Both parties today have a responsibility to find a bipartisan solution to the sequester. Turning it off and erasing its deficit reduction isn't an option. What Congress should do is replace it with other spending cuts that put America on the path to a balanced budget in 10 years, without threatening national security."
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