Just in case you missed the press release this morning, Lockheed Martin announced that in anticipation of the automatic budget cuts scheduled for the first of the year, they are sending layoff notices to 120,000 workers. That's virtually their entire workforce. They are thought to be just the first defense contractor who will be announcing layoffs resulting from the failure of both Congress and the super committee to agree on government spending cuts.

Alright!! We wanted spending cuts--we're getting them! And along with the automatic tax increases that will also kick in on January 1, the effect will be a $7 trillion slowdown in the growth of our national debt over the next decade. That's more than either the Boehner-Obama "grand bargain" or the Ryan budget proposal! We all knew the necessary fiscal changes would hurt, and they will. But we all also know they are necessary.

We know how the Democrats will react to all this. The big question is how the fiscally conservative GOP will react? Will they do what they've said they would and refuse to reverse the changes that will slow the country's track towards complete bankruptcy? With complete control of the House and their cloture-proof position in the Senate, the Republicans will have complete control of Harry Reid and his obstructionist tactics in the Senate. The GOP has all the face cards in this game. The POTUS hasn't vetoed anything and almost certainly wouldn't on this issue. If Romney is elected, it's hard to imagine that a conservative president would veto major fiscal reform legislation.

I certainly hope the GOP will be as fiscally conservative as they said they would be and let the automatic fiscal changes stand. Or in another scenario, refuse to either reverse the defense cuts and tax increases unless and until other legislation us agreed on that would have have the same effect on a dollar-for-dollar basis. Maybe even take the opportunity to make the needed revisions to entitlements that everyone knows are necessary.

That's what I think. What do all of you think will happen?