Public sides with Obama in sequester debate

President Obama's job approval rating stands at a three-year high while Republicans' popularity stands at a record low, which may complicate efforts to head off $85 billion in automatic spending cuts, also known as the "sequester," from starting March 1.

The thumbs-up for Obama, who recently began his second term, comes courtesy of a Bloomberg National poll Wednesday showing his job approval rating at 55%, the highest level since September 2009. That same survey showed support for Republicans at 35%, the lowest since the poll began in September 2009. A poll released Thursday by the Pew Research Center and USA Today drew similar conclusions.

Democrats and Republicans say they want to avoid the sequester partly because of the massive disruptions it will cause in the lives of many Americans. At the Defense Department alone, about 700,000 employees could be furloughed along with a slew of other government workers ranging from FBI agents to rangers at national parks. Government contractors may also be affected.

Compromise in hyper-partisan Washington, though, remains as elusive as it was during the recent showdown over the fiscal cliff. Worries about the sequester are dragging down the stock market, which this week posted its worst two-day drop of the year.

Economists such as Nigel Gault of IHS Global Insight argue that the sequester would harm the economy. He estimates that it would shave 0.5% from projected U.S. economic growth this year, which, though not catastrophic, couldn't be made up through other means such as by action of the Federal Reserve.

"We don't need to be implementing more austerity now," he said in an interview, adding that there are more effective ways to cut federal spending.

Some House Republicans are balking at the Obama administration's plan to avoid this calamity through a combination of tax hikes and spending cuts because, as The New York Times notes, a direct conflict with Obama "is a badge of honor" for many representing conservative districts.

Like many issues in Washington, the sequester may get resolved at the last possible moment.  Worse still, politicians may punt on making a tough decision, kicking the can down the road to another day.

--Follow Jonathan Berr on Twitter @jdberr.

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