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It is Washington conventional wisdom that sequestration won’t happen — that both parties are just playing a game of chicken that will be resolved in the nick of time. Unfortunately though, time is running out.
The reality is this: As of now, $1.2 trillion will be trimmed from the federal budget, and companies and federal agencies are making negative hiring, investment and procurement decisions based on what the law of the land tells them will happen come January 2. Any post-election fix will come too late to undue damage already done.
And what if there is no fix? The looming sequestration crisis and how official Washington is reacting to it reminds me of historian Barbara Tuchman’s description of World War I in the classic book “The Guns of August.” She wrote how the great powers of Europe — despite the best intentions of many leaders —fell into a war more catastrophic than anyone envisioned through a series of missteps and miscalculations.