So my view has been that something would be worked out on the "sequester" that would minimize immediate spending cuts.

It appears I may be wrong, and the "sequester" cuts might happen on March 1st.

From the LA Times: Automatic budget cuts are almost certain

In less than a month, a budget ax is set to fall on the federal government, indiscriminately chopping funding or the military and slicing money for various programs, including preschools and national parks.