Barring the biggest Washington miracle since Dolly Madison ferreted paintings out of a burning White House in 1812, sequestration—the automatic, across-the-board cuts to defense, discretionary and certain health programs totaling $85 billion in the 2013 fiscal year, and $1.176 trillion over the next decade—will take effect March 1. The Congressional Budget Office has estimated that these cuts will cost 750,000 jobs in 2013, and reduce gross domestic product for 2013 by up to 0.5%. The effects stand to be disastrous: that much is clear. But when it comes to the politics of the ... Read More
