Page 2 - Sequester Hit News Today

♪ ♪ >> bret: america survives the weekend and the sequester so far. so its time for the next budget crisis. or is it? this is "special report." im bret baier. the republic did not fall over the weekend despite series of cuts and growth of federal spending. doom and gloom predictions so far not come to pass. chief white house correspondent ed henry tells us tonight how the obama administration is dealing with this. >> at the first cabinet meeting since the sequester hit, president obama decla...

Taxes have been about a quarter of our total debt reduction. but this is no more. the tax debate is completely over. they prefer the sequester to replacement that includes even a dollar, even a hint, a shadow of revenue. in 2011, when the sequester was created there were two ideas for keeping it from happening. one, the super committee, which could maybe come to a deficit deal before this sequester hit. the other idea, and this was the big one, was the election would decide the tax issue. the am...

Want to go ahead and close those loopholes. whats interesting, back in the mid-1980s there actually was a sequester that kicked in. it was part of the gramm-rudman sequester. fill gramm writes in the -- phil gram writes in the "wall street journal" journal today in anticipation of the sequester there were a lot of people in washington talking about doom and gloom and the sequester hit and it never happened. the reason it never happened, phil gramm writes today is the fact that the federal govern...

Are we going to see these kind of cuts, the ones that were outlined in the sequester proposal? >> i think the odds are pretty high, to be honest. i dont think theres any appetite from republicans in congress to do any deal that has any tax revenue component just because they just signed off on a deal, the fiscal cliff deal that had $610 billion in tax revenue. they think its time to go back to spending cuts. they really dont take into consideration the fact that we had the debt ceiling deal whic...

Irs has not told the truth on that issue. >> and when the irs was hit with the budget cuts, he comes in front of congress and said the first thing well have to do is stop answering customer phone calls. it reminds me of what happened when the sequester hit. first thing the white house did cut it for the school children. and make it painful to the so- called lack of funding. >> when you head a agency that is customer- service oriented. you have to put your spending in that area and put other thin...

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