The sequester is in effect as of Friday, March 1st because the Senate could not avert across the board spending cuts. One of the effects is that every federal agency would lose some funding. $85 billion dollars will be cut in total. Federal agencies must now reduce spending which means firing or cutting hours for its employees.
So, how will we be affected? Here are some of the ways:
1) If you're going to fly, you will experience longer wait times at the airport. The FAA will furlough 600,000 of its employees. You will spend more time at security checkpoints. You can expect longer wait times at the tarmac as well. Less air traffic controllers will be on staff.
2) If you receive WIC, it may end. 600,000 women and children will stop receiving this assistance.
3) If you are a veteran or service member, your health benefits will be affected. Also, less funeral staff to bury the dead will delay funeral services for our troops.
4) If you are a teacher, your job can be gone. 10,000 teachers and 72,000 educator related jobs (i.e. teacher's aide, special education, etc) may be terminated.
Generally, the sequester will be bad for the economy, small businesses, and people. Economists say that the sequester will decrease growth in GDP. Not only that, with payroll tax cuts just put into place this year, we may have another slowdown in the economy.