1. a) By how much did the average income fall in January?
b) What percent of the federal budget will be cut by the sequester?

2. In general, how do financial planning experts mentioned in this article view the government's budget cuts compared to Americans' income reduction?

3. What was the purpose of putting the sequester in place over a year ago?

4. Financial expert and tv personality Ben Stein said: “The problem is not the cuts, the problem is the meat-cleaver way it was done. We expect a LOT more care from our legislators and our president.” Why does Mr. Stein say Washington (Congress and the administration) is dysfunctional?

5. What did Republican Senate Minority Leader Mitch McConnell suggest the federal government do about their over-spending problem?

6. Larry Winget, author of "You're Broke Because You Want to Be" said: “When regular folks need to cut the household budget, they get rid of their toys, their cable TV, eating out. If they can make those kind of cuts, the federal government ought to be able to.” Do you agree or disagree with Mr. Winget's assertion? Explain your answer.

7. Ask a parent what your family does/would do when they realize that they're spending more than they are earning.