Consequences Of Sequestration

President Barack Obama warned of dire consequences should sequestration take place a week from Friday. Unless Congress acts otherwise, civilian and Defense agencies would have to cut $85 billion from 2013 spending. Obama said the sequester would cause the furloughs of essential public employees and job losses in the private sector. He blamed Republicans for opposing another round of tax hikes in any deal to avoid sequestration. House Speaker John Boehner (R-Ohio) says they already agreed to a tax hike this year.