I think this will be the fourth time. The spending cuts are not throughout the Federal Government. If they were it truly wouldn't be any big whip. They are only taking place in the discretionary program, entitlements like social security and medicare are spared.
Add to this the fiscal year is half over, therefore the entire year's cuts have to be taken in the remainder. Add to that the commitments, like subsidies and payments to contractors, have already been mostly made. Moreover, the cuts are mandated to occur evenly across units, leaving no flexibility to those affected.The only thing they're paying now are salaries, so that's what gets cut. Next year shouldn't be as bad, since they can target non-salary payments to cut where possible.
We'll see lots of closed towers and I bet some crashes as a result. The food supply is going to go bonkers without inspectors, you can expect shortages and increased prices. Of course, if you thought airline delays were bad before...
Democracy results in people getting what they deserve. And with the rampant ignorance I'm seeing, the American people deserve this.