My advice is not to quit unless you have a solid backup plan, savings, another job, etc. you can't just quit and expect unemployment next week. And the people on this board are desperate to keep their jobs. You quit, CCI saves money. Bottom line. And if you were full time, you still have to pay for health insurance from whatever benefits you get. Think long and hard about it if you have no other income or plan.
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Do not quit without a job but put a lot of time into finding your next job. Severance? Hope that was a joke. No way they could pay that out, you think they would be cutting salary, but still pay Severance? Remember, they can give you a written document but in the end, if they are penniless and they will be, how do you think you will get Severance paid? This isn't a Disney movie, you need to snap out of it and get to reality.
Quitting should not be THE plan. What if there's a chance for a severance package?