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Of the white house and the white house was in his words moving the goal post on republicans by demanding tax hikes now rather than just spending cuts. woodward told poll lit co evenor white house officials yelled at him on the phone for 30 minutes and sent an ominous e-mail. >> you are focusing on the few specific trees that gives a very wrong impression of the forest. but perhaps we will just not see eye to eye here. he says, too, i think you will regret steaking out that claim. >> here is the response from the white house. quote, of course no threat was intended as mr. woodward noted the e-m...

Uninflicted would on the economy if it were to take place. >> there were others like howard dean suggesting the president should let the sequester happen. to slice the pentagon's budget. dean telling the huffington post i'm in favor of the sequester. it's tough on things i care about a lot but the fact of the matter is you are not going to get another chance to cut the defense budget in the way it needs to be cut. white house officials disagree. as an outgoing defense secretary leon panetta who warned such deep cuts could leave america with a second rate military. you will remember republicans...

Chamber. why didn't they vote on it? >> you will see a vote coming up on you will see something to help delay it over the next year. you have already seen the elements of a short-term balanced plan. >> i want to get to a question about transfer authority. why not call for transfer sequester to move the mup around and reach $85 billion without effecting personnel and having painful decisions to affect the personnel negatively? >> nine that tells you there are easy off ramp here is not straightforward. if this sequester goes in effect in any form, $85 billion in cuts over seven pop months, 10-12...

Middle class tax cuts, on unemployment insurance and medicare sgr, the automatic cut to payments to medicare doctors. beyond that i don't see very much happening. i think the sequester's a reach. i don't think there will be any resolution of debt ceiling or any stimulus. what we're doing here, we are not going to offset the fiscal cliff, just doing the bush tax cuts. we'll only take away about 11%, 12% of total economic impact of the so-called fiscal cliff, all of the policies brought together because you'll be letting the payroll tax expire, the refundable tax cuts expire, and the sequester w...

While but not long. that will come through the sequester primarily. big lay-offs among the civil service. we will see two things. one is that if we don't get the fiscal cliff fixed rapidly we will go into another recession. the second if we don't get it fixed rapidly and then we have the debt ceiling collision that i've outlined, we'll see a financial market chaos. if those two things come together, it's going to be a terrifying event for markets, as well it should be. one thing if we get a fix quickly. people don't understand how much damage we're doing to the economy if this goes on for a mo...