The March 1st deadline for the automatic, across the board spending cuts—referred to in Washington as the sequester—to go into effect is quickly approaching. With Congress out on recess this week and no deal in sight that would prevent the cuts from going into place, it looks increasingly likely that the sequester will kick in at the end of next week. Many of you had questions about the specifics of these spending cuts and what they might mean for you.
Erik Reynolds wrote in asking: How much closer to zero debt will the sequester bring us to?
Harrine Freeman tweeted: How will the cuts affect medicare, social security, unemployment benefits, social service programs and financial aid?
And Andrea Nunnally asked: If they invented the sequester, why can’t they “un-invent” it? Is it now a matter of principle?
Thank you for the great questions and please continue to keep them coming on Facebook and on Twitter. Be sure to tune in to “Good Morning America” tomorrow morning and “This Week” on Sunday, where we’ll talk a lot more about the looming budget cuts and the outlook for reaching a deal to prevent them in the coming days.