Welcome to 'Sequestration'

The leaders of both parties in both Houses of Congress met for less than an hour at the White House this morning, but there was no deal to prevent $85 billion in arbitrary, federal budget cuts go into effect today. As both parties and scores of Washington veterans have been saying for months, "Sequestration" was supposedly designed so it would never happen. President Obama says there was no way he could force Congress to negotiate. Republicans, of course, blame the President. We hear about the gradual impact of sequestration across the country. Is the US in a new period of austerity?