Jared Bernstein has the goods.
The irony is that the Sequester was supposed to be so bad that it would force everyone to make a deal or reject it. Apparently it wasn't bad enough.
Silver lining: it's hitting defense spending. But still, we should be spending more on public programs, not less, especially with the interest rate up against the zero bound, absolutely no sign of inflation and unemployment at unacceptable levels.
I've got a personal stake in this, because high unemployment and lack of public investment is one of the reasons I'm a "makeshift" academic and not a permanently employed one.