The current sequester will indeed cause a lot of problems, and this is rather useless at point that out. The current sequestration requires ALL PROGRAMS to cut 15%. So, the F-35 will have a 15% cut and the guys who maintain the A10s will have a 15% cut, the janitor will have a 15% cut, and the security will have a 15% cut. This is the problem with the sequestration. This was actually on purpose, to make sure that congress actually took care of everything. The thought was that no one would be stupid enough to let this go through, and at the very least the would modify it so that they could cut a weapons research program before cutting the budget for the furnace at the office.
Even if we get past the stupidity of the sequestration, we are still left with the fact that many of the cuts that managers want to make don't align with what cuts congressmen want to make. A great example is that the military knows that operating so many bases is a huge drain on their resources, and it would be much easier to operate a few large bases like Ft. Hood. Unfortunately, a base closure will raise the ire of the local congressman because it hurts the local economy so he fights to keep it. Government organizations have two customers: the public and the congress. They have to make sure that they operate in a way that pleases the public, but then they also have to operate in a way that pleases as many congressmen as possible.
Finally, the bulk of the programs which are being discussed are not the bulk of our spending. DoD and discretionary spending(FAA, Parks, Dept. of etc) only account for about 35% of total spending. Considering that our deficit is about 35%, the only way that this would even balance out is if we zeroed ALL of it. This would mean that every single department of the federal government ceased to exist. No more Departments.(Except for perhaps the treasury). If we did this, we would have no more deficit. Even the most idealistic conservative would agree that this is insane. We can't get rid of the patent office, for example. This entire debate is somewhat pointless.
The only options that would actually be feasible would be some combination of the following: Reducing benefits for social programs, some tweaking of regular government spending, and higher taxes. This isn't an opinion. The only optional part of that is that you might be able to avoid any government tweaks with much higher taxes, but that seems unlikely to pass. This is why the entire thing is so silly. Everyone in Washington knows the score, they just don't want to be the one who has to be the messenger to their constituents.
The truly sad thing about all of this is that Social Security is probably going to get hurt in the process. It is sad because social security has its own paycheck tax(OASDI), and the program has a massive surplus credit. It is just that Washington raided Social Security to pay for other programs, and now that Social Security cannot pay its own way(despite having generated trillions in surplus), people are suggesting that it is a bankrupt program. I don't mention this to make any argument about the program itself, but rather to use it as an example of how much of the argument is manipulated to take advantage of the short memories and general naivety of the American voter. Only in Washington would someone agree to a plan that paid dividends for 40 years but eventually would require interest and go along with it happily until the first bill showed up.