Much has been made about the impending doom associated with the automatic spending cuts (sequestration) and expiration of the tax rates established during the George W. Bush Presidency.  All the pundits point to the likelihood of a second recession if politicians in Washington allow the country to go "off the cliff".  Sequestration alone will initiate $1.2 trillion in automatic cuts across the entire budget, which means every sector from education and healthcare to defense spending will be effected.  The measure was put in place because it is not palatable to any politician, Democrat or Republican, to see such blanket cuts in discretionary spending.  The idea was to give Congress and the President time to come to a long-term agreement on deficit reduction.