The sequestration threat bringing huge cutbacks in federal spending is now moving closer to reality as March approaches.

The “fiscal cliff” deal reached by the Senate and White House last month outlined two key dates for action next month.

If Congress and the White House take no action by March 1, across-the-board cuts under sequestration would be implemented on March 27, according to the legislation.

March 27 also is the day the current federal spending resolution expires.

The sequester originated in the agreement between Congress and the White House to raise the nation’s debt ceiling in 2011. The sequester was to have gone into effect in January, but a deal was struck to postpone it to March.

On Feb. 5, President Obama called upon Congress to delay the sequester in order to avoid significant damage to the economic recovery. The Bipartisan Policy Center says the sequester could kill a million jobs over the next two years.

In response, a group of Republican congressional leaders is expected to offer a plan to avoid across-the-board cuts through a 10% reduction in the federal workforce, according to Politico.

However, the newspaper also noted that the idea of a blunt cut to the workforce has been floating around for a while without much support.

Defense Secretary Leon Panetta said on Feb. 6 that the sequester cutbacks of $46 billion this year would create a “a serious disruption in defense programs and a sharp decline in our military readiness,” according to CNN.

The Pentagon and all federal agencies face an approximately 8% budget cut under sequestration.

DOD officials previously were reported to be preparing for mass furloughs for the civilian workforce starting in April; however, Panetta told GovExec on Jan. 31 that furloughs are not a sure thing. The department froze hiring in January and is preparing to lay off 46,000 temporary employees.

Civilian agencies are expected to begin releasing sequestration details to employees shortly.