That 1% cut in federal spending in the debt limit law? It’s complicated.

The debt limit law Congress approved earlier this year included a much-publicized provision that would cut all federal spending by 1% if Republicans and Democrats fail to reach agreement on the dozen government funding bills before Jan. 1. That sounds pretty threatening. But, the across-the-board automatic spending cut wouldn’t actually have any real-world effects until April 30, and it will never go into effect if Congress can pass its appropriations bills before that date.