With every passing day the chances that the across-the-board budget cuts, known as sequestration, will become reality increase.
The authors of a new report from the Center for a New American Security, "Countdown to Sequestration: Why American Leaders Could Jump Off the Fiscal Cliff," argue "there is a strong possibility that sequestration will take effect" in January.
And sequestration is only one facet of the "fiscal cliff," faced by lawmakers. Expiring tax cuts are also on the table.
The political wrangling during the lame-duck session amounts to a "high-stakes game of chicken," the authors of the report write. "It would seriously disrupt planning throughout the Department of Defense and the defense industry, potentially shake market confidence in the United States and limit U.S. economic growth."