We suspect that if one combines all the most apocalyptic scenes from 'Day After Tomorrow', 'Armageddon', 'Planet of the Apes', and '2012', then President Obama's address (scheduled for 1045ET) on the impact of the sequester will come close. Of course, he could merely comment on the fact that we need to cut spending (not slow spending growth) in order to revert to sustainability but we suspect this is not 'silver linings playbook'. Young children and pets should probably be removed from the room as our leader explains just how cataclysmic things are going to get unless we all just get along... As a gentle reminder, here is the very same President threatening to veto any effort to stop spending cuts - oh well, it seems there really are no easy off-ramps.
As a reminder:
"I will veto any effort to get rid of the automatic spending cuts... No easy off-ramps on this one. We need to keep the pressure up to compromise. Not turn off the pressure. Only way the spending cuts will not take place is if congress gets back to work and agrees on a balanced plan to reduce the deficit by at least $1.2 trillion. That is what they need to do. That’s the job they promise to do"
- Barack Obama, November 21, 2011
Fast forward to....
With our economy poised to continue to strengthen this year, the President will make clear that we can’t see another self-inflicted wound from Washington. The President will urge Congress to come together and act to ensure these devastating cuts to defense and job-creating programs don’t take effect.
- White House statement, February 5, 2013
"The threat of massive automatic cuts have already started to affect business decisions. Deep indiscriminate cuts to things like education and training, energy and national security, will cost us jobs and it will slow down our recovery.... It’s not the right thing to do for the economy, it’s not the right thing for folks who are out there still looking for work. And the good news is this doesn’t have to happen.... [Congress] should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a few more months until Congress finds a way to replace these cuts with a smarter solution.
- Barack Obama, February 5, 2013