The Sequester is here. Whether you support the sequester or not, failing to reverse the sequester is likely to have large effects on government spending. If you like big government, you will like the sequester. If you like small government, you still likely will not like the sequester in principal. Does it makes sense to have across the board spending cuts or target the spending cuts towards lower priority, less cost-effective programs? Of course, the answer is the the latter in theory. In practice, however, it passing these cuts is difficult. Thus, despite the non-sensical nature of the sequester in theory, may people–including some Senators–support it in practice.
Who will get hit? By design, almost all government programs. Mother Jones provides an overall picture.
However, here are some stories of specific programs who will experience cuts.