What is sequestration? How will it affect me?

The impact of sequestration in: Virginia | Maryland | District of Columbia

Many lawmakers are expressing are taking this surprising stance: Let sequestration happen, then try to correct the funding issues by March 27 when the continuing resolution funding the government expires.

In other words, bypass the across the board spending cuts and be more selective with specific cuts.

But what happens in the meantime if - and likely when - sequestration occurs?

Former congressman and fortune 100 senior executive Mark Kennedy, now at George Washington University, believes we won't see widespread price increases in consumer goods but with uncertainty, we will see less spending, which affects pretty much everything else from restaurants to retail to real estate.

“There will be a near-term economic hit which will be a concern and ultimately affect everyone's growth prospects but I think the bigger impact will be on Washington as opposed to Wall Street,” he says.

He adds that it will also going affect home price, as far as less appreciation. And he says it's going to affect, overall all, what type of construction is being done in the area.