Politicians May Want to Heed Fed's Warning

"It construction will see a lag ... so what will happen is short-term you're not going to really notice it, because whatever projects the government is funding they're going to see those through, but then all of a sudden all those new projects -- roadwork, anything that's on their plate -- are not going to get funding," Fantozzi says.

Fantozzi says health care could see cuts in fiscal tightening as the government will have to make tough decisions on the benefits it provides. He adds that as Obamacare grows, health care could feel the squeeze even more.

"I just think health care in general -- when the government is subsidizing a lot of things, they're going to start pulling back," says Fantozzi.

Defense has become an easier target for budget cuts as public favor has slumped for spending in Afghanistan and Iraq.

This doesn't account for all sectors that could potentially be affected in the event of fiscal tightening that results from failure to plan a budget, but if the Fed took time in its April meeting to address the topic, then maybe politicians and taxpayers would be wise to take it seriously in an election year.

-- Written by Joe Deaux in New York.

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