So, it seems to me the two parties can't really cut anything because their favorite special interests squeal like stuck pigs whenever they try. The two parties thus decide to pretend they are getting really tough while not being tough at all- by putting up a veritable pittance in cuts as 'automatic.' When these automatic things kick in, both parties find they have the convenient excuse of the other party.
Somebody in the Republican party noticed that some of their special interests also paid Obama a pretty penny, so apparently, some of them think it is a politically savvy thing to explore giving Obama power to decide where these cuts happen. This would be mildly interesting, to see who Obama would axe, though not too interesting because he doesn't have anything left to run for. He might actually do a reasonable job, assuming the mansion in Hawaii is already stocked up.
Man, the government has really jumped the shark. I remember assuming this stuff meant something when I was younger, and I at least imagine the previous crop of politicos had some better shtick or something. There is nothing left to do here. It would be nice if we could admit we were bankrupt and sell off the Fedgov's assets- and I'd include the Fed and any other 'private' entity that has been bailed out.
I was born pretty much programmed to look up to the older people, and think they had wisdom, prudence, etc... Unfortunately, that particular generation has a head full of slop. What is wrong with you people?