As cuts to defense spending, education and infrastructure loom today, President Obama is readying to meet with top Republican and Democratic leaders on the subject of sequestration.

This comes one day after the two houses of Congress voted on their bills, both failing miserably. Thursday’s vote in the Senate saw their bill fail, garnering only 51 of the 60 votes needed to pass. The GOP bill was rejected 62-38 as the senate packed up to go home.

The talks today will not happen in time to stave off the sequestration axe, and all of Congress has left town for the weekend, making sequestration a reality.

The administration is calling for what it calls a balanced approach, one that has cuts to spending while raising taxes on the rich. The Republicans on the other hand, are wanting a plan with little or no new taxes and major cuts to spending.

Senate Minority Leader, Mitch McConnell from Kentucky said on the Senate floor, “Look, the American people will simply not accept replacing spending cuts agreed to by both parties with tax hikes. And I plan to make all of this clear to the president when I meet with him.”

The effects of the sequestration will not be felt immediately. Many Defense employees will be asked to go on unpaid leave, but most other cuts will not show themselves until the cuts are realized down the road. The cuts to spending will hit harder in states that rely on Government monies for their programs, such as Texas, which is home to one of the United State’s largest military bases, Fort Hood.

The cuts that will reach just about every agency in the government. It is unlikely that the cuts will be addressed anytime soon as Congress moves on to the new budget, funding the government spending that is due to expire on March 27th.