The "it" is sequestration — $85 billion worth of across-the-board federal spending cuts that are due to start kicking in at the end of Friday unless Republican and Democratic leaders somehow bridge their differences.
We've been looking around each day this week for "should-read" stories about the sequester, in the hope they'll help us all figure out what's going on. Our previous posts: Monday's; Tuesday's; Wednesday's.
— "Dual Senate Sequester Votes Expected To Fail." (Politico)