New York (CNNMoney) - There's been a lot of concern about the effects of the spending cuts under the so-called sequester this year. But it's likely that federal spending will soon go down even further in many ways.
That's because, barring action by lawmakers, the cap on total defense and domestic "discretionary" spending is set $19 billion lower for fiscal 2014, which begins Oct. 1.
Drastic austerity driven cuts in domestic spending will stall the economy and send it back into recession. Look at Europe, if you disagree. They made severe austerity spending cuts, which caused some economies to stall. Now some of those same economies are in a death spiral to a crash, while others are fighting to pull up and failing.