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Hacksaw approach to spending reductions that was supposed to hit both sides equally. democrats would hate cut to nondefense programs and republicans wouldn't stand cuts to the military. the theory was the cuts would be so bad there was no way congress would ever allow them to happen, but after months of deliberations, the supercommittee couldn't come to any agreement and simply gave up. so much for theory. now, sequestration was to go into effect on january 1st, 2013. as it happens, that was the same time the so-called bush tax cuts were set to expire. together, it was a supercrisis. fed chair...

Going to pass that next week which gives us the flexibility to put these cuts in place in a better way. >> john: if the deal materializes or even if it doesn't, it may be that this sequester, which was supposed to signify a profound failure of government, was in fact a real, if untidy success. senator ron johnson has been saying this all along. >> if and when sequestration goes through, would that be a victory for the tea party? >> sure, absolutely. tea party taxed enough already. the federal government gets enough revenue, it's about time to lower the rate of spending, lower the size of gover...

Private sector, which is you can't yell charge from your second home. >> john: meanwhile, congressional democrats and administration officials are fanning out across the country and they're not exactly saying the sky will fall if the sequester goes through, but close. among the things they say could happen, children exposed to lead paint, mentally ill patients untreated, uninspected meat, crops, closing of parks, more wildfires, cuts to early education, nutrition for seniors, community healthsters, small business employees, flight inspections and job training. and hurricane sandy victim. milit...

A bold request, give him nearly a trillion dollars. give it to him now. let him spend it on whatever he wants, no questions asked. >> we need to make that bill quickly and cleanly. >> if they didn't, paulson insisted america could be hit by a second great depression. >> to help the american people is the goal of this plan. >> john: with the stock market tanking paulson got his so-called tarp money. eventually tarp was used in all sorts of ways few had envisioned, including to bail out the auto companies. meantime, barack obama had defeated john mccain in the race to succeed george bush. during...

Reductions have to occur, 40 plus cents of every single dollar that we spend in this country. >> john: february 26th, newport news, virginia, president obama speaks to ship yard workers. >> what the sequester does, it uses a meat cleaver approach to gut critical investments in things like education and national security. >> john: but he again resists talk of an immediate catastrop catastrophe. >> the impact of this policy will not be felt overnight, but it will be real. >> john: it's tuesday, congressman, there are just a few days left to avoid the sequester. do you see anything coming down th...