The Budget Control Act that congress and President Obama signed in 2011 goes into effect on March 1, where $1.5 trillion will need to be cut out of the federal budget over the next 10 years. The President has to cut $1.5 trillion by March 1 and if not, automatic cuts of $1.5 trillion will go into effect on March 1.
Brad Bannon, democratic political consultant with Bannon Communications Research in Washington, D.C. says these cuts will be huge. While Medicare and Social Security are immune from the cuts, the other 60% will be cut drastically in defense, education, healthcare and Medicaid.
While the democrats want to raise taxes on the wealthy, the more conservative republicans want to see the sequester happen because they think it’s the only way to cut the federal budget. However, more mainstream republicans don’t want the sequester to happen because they don’t want defense spending cut.
Bannon thinks there is a good chance the sequester will take place March 1 because the tea party republicans will make it difficult to get a majority plan. He thinks the cuts will happen and it will be a big problem because of the severity of the cuts.
Brad Bannon is President of Bannon Communications Research, a Washington, D.C.-based political polling and consulting firm. More information can be found at www.bannoncr.com. This video commentary was hosted by The Legal Broadcast Network, which provides on-demand legal content.