It will only result in job losses because Obama didn't take the advice of the debt reduction council; Harry Reid didn't put the House solution uo for a vote (twice); and finally, Obama demanded tax increases in return for spending cuts, then sat on his ass and did nothing to formulate "smart cuts" (which is actually only a reduction in the future growth of spending).
There doesn't need to be a single layoff (not that there shouldn't be a reduction in the size of the federal government). Here's my motto "Attrition and contrition". Freeze wages and when non-essential personnel retire, do not replace them. If we allowed energy development and got rid of all the over-regulations of that industry, the economy would be at full employment in two short years.
You sound like one of the few reasonable people on FR these days. Thanks for your response.