
Time is running out: unless Congress acts by March first - $85 billion in massive spending cuts will kick in automatically. Two million federal workers face furloughs.
But one way or another the impact may be felt by most Americans.
The White House warns that 10-thousand teacher jobs would be at risk and 70-thousand children could be removed from Head Start.
The cuts would hit during tax season - meaning millions of taxpayers would have an even tougher time getting answers from the IRS.
CNN's Chris Lawrence has been looking at other areas where you may feel the sting.

By Greg Botelho
A U.S. Navy minesweeper remained stuck in a reef teeming with endangered marine life off the Philippines on Sunday, prompting an American commander to apologize and promise stepped-up efforts to prevent further damage.
The USS Guardian ran aground early Thursday in the Tubbataha Reef, about 80 miles east-southeast of Palawan Island in the Sulu Sea, the U.S. Navy reported.
FULL STORYBy Barbara Starr
Despite extensive support and counseling programs, as many as 349 U.S. service members committed suicide last year, which would be the highest number since the Department of Defense began keeping detailed statistics in 2001.
According to the Pentagon, 239 military deaths in 2012 have been confirmed as suicides and another 110 are being investigated as probable suicides. The number of suicides in 2011 reached 301; there were 298 the year before.
The statistics on suicides among service members, many of whom had deployed to war zones, included deaths among reserve forces.
Each branch of the service showed an increase. The Army had by far the highest number of suicides and probable suicides - 182, a number that was up from 166 in 2011. The Navy had 60 suicides in 2012 compared with 52 the year before, followed by the Air Force with 59 (up from 51) and the Marine Corps with 48 (up from 32).
The Navy put out a PSA warning sailors to stay off the synthetic drug bath salts. In a shocking video an actor plays an American sailor high on the drug. CNN's Chris Lawrence reports on the Navy's increasing efforts to warn sailors of the drug's serious side effects, after military doctors started seeing more cases of its use.
By Mike Mount
The Iranian military says it has successfully test-fired a number of advanced missiles and air defense systems during coastal defense exercises near the strategic oil passageway of the Strait of Hormuz.
Iranian government press reports said its navy launched anti-ship "Qader" cruise missiles and a new "optimized" version of a long-range surface-to-surface missile, called the "Nour" missile. Both models are made in Iran, according to the reports.
The exercises are part of what Iran says is a six-day naval maneuver that started on December 28 and is designed to, "display the country's capabilities in defending its maritime borders."

