If you’re interested in how sequestration is likely to play out watch Jared Bernstein’s interview with Richard Kogan.  Here’s Jared’s intro:

When I want to understand the details of how the automatic cuts known as sequestration are likely to play out, I think “Richard Kogan.” And I’m lucky enough to be able to walk down the hall and cajole him into sharing his deep, institutional knowledge with us.

As a defense contractor I have some insight into how sequestration is likely to affect our business.  (I talk regularly with program managers and business development people at work.)  Kogan’s comments are entirely consistent with my experience.