Not that long-lasting funding cuts wouldn't have some effect in certain pockets of the state - just that other pockets are likely to get along reasonable well. Check out a recent Pew study that compares state-by-state federal spending.
--6.1% ... Federal grants subject to sequester as a percentage of California revenue. National average is 6.6 percent; South Dakota is at 10.3 percent.
--4.0% ... Federal spending on procurement, salaries and wages as a percentage of California GDP. National average is 5.3 percent; Maryland is at 19.7 percent.
--2.8% ... Defense spending on procurement, salaries and wages as a percentage of California GDP. National average 3.5 percent; Arkansas is at 10.5 percent.
--1.2% ... Non-defense spending on procurement, salaries and wages as a percentage of California GDP. National average is 1.8 percent; District of Columbia is at 10 percent.
The White House has released its own state-by-state list of spending cuts - education, public safety, military, job training, etc. - but there are no particulars on when any of it will happen. While the actual deadline is March 1, most of the trims would be phased in over several weeks, even months. That's why Transportation Secretary Ray LaHood has been tap dancing on the prospect of shuttering air traffic towers at the smaller airports (Santa Monica included), as well as a reduction in air traffic controllers at the busiest facilities. A government official telling you that something bad is going to happen does not carry much weight these days.