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Buckle your fiscal seatbelts!

The clock is ticking. If there is no deal on Capitol Hill, the $85 billion in across-the-board spending cuts are going to hit federal agencies hard. In Washington, D.C., many government employees, like Gary Perusse, are worried. SOUNDBITE: GARY PERUSSE, EMPLOYEE, FEDERAL AVIATION ADMINISTRATION (ENGLISH) SAYING: "I am going to have to take a drastic cut in my pay if I get furloughed one day a pay period. It means that I will probably be late on a house payment, not buy enough groceries and then you throw that with gas prices going up, it is devastating." The Federal Aviation Administration is prepping to furlough all its 40,000 employees and institute a hiring freeze. Ray LaHood is the U.S. Transportation Secretary. SOUNDBITE: RAY LAHOOD, U.S. SECRETARY OF TRANSPORTATION (ENGLISH) SAYING: "We're looking at everything. We're not just looking at furlough days, we're looking at every contract, our lawyers are looking at every contract to see

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