With just a few weeks away from the deadline, President Barack Obama warned of major problems if Congress fails to reach an agreement on avoiding across-the-board spending cuts. (CNN photo)
What happens if there is no budget deal?
Sequester slated for March 1, 2013
Updated: Wednesday, 20 Feb 2013, 11:09 AM EST
Published : Wednesday, 20 Feb 2013, 10:54 AM EST
With less than two weeks until a March 1 deadline, both President Barack Obama and Congressional leaders are speaking out on the ramifications of possible sequestration.
The sequester, which is another word for forced across-the-board spending cuts, will cut $85 billion from the country's budget, and with that will a number of layoffs for Americans.
While some federal assistance programs will be protected, a most federal agencies will be forced to make cuts.
Chief National Correspondent John King has more in the above special report.
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Photos:Peter Frampton at Meijer Gardens 
Peter Frampton is back on the road with Frampton’s Guitar Circus.
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