Fix The Debt

The Senate rejected competing sequestration alternatives today, meaning that it will take effect tomorrow. President Obama is meeting with congressional leaders Friday, but no quick breakthrough is expected.

The effects will not be immediate, as CNN Money explains. It could be months before it is really felt. Find more sequester resources here.

Meanwhile, the next deadline is March 27, when the stopgap measure funding the federal government expires and a new agreement will be required to prevent a government shutdown. Replacing or changing the sequester will likely factor in those talks. And there are plenty more fiscal speed bumps ahead.