Should the United States Congress fail to enact legislation that will trim the national budget by Friday, $85 billion in automatic spending cuts will go into effect.
Known as sequestration, these cuts are, according to the Congressional Research Service, largely across-the-board spending reductions that will impact most programs within the federal budget.
However, it is important to note that there is no current federal budget. Instead, the country’s fiscal house is running on a continuing resolution that funds programs at the previous budget’s rate.