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.