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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...

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 chairman ben bernanke gave it a na...

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...

Blunt, raw message to president obama and the democrats. it's time to get off your keisters and do something. peter doocy live in washington with more. peter, good morning. >> good morning. and the latest word from the white house is that sequestration won't really be felt until late march or early april because that's when all the harsh automatic cuts will start kicking in through the rest of this year, those cuts would take 13% out of the pentagon's budget. 9% away from nondefense programs, and 11% out of unemployment insurance checks, senior administration officials are telling us that when...

months. >> it's another hammer blow to the struggling middle class families in america. >> what the numbers say about business with bet founder bob johnson and former hewlett-packard ceo carly fiorina. i'm candy crowley, and this is "state of the union." first today, mitt romney. gloria borger caught up with the nominee yesterday in indiana and he hit back on president obama's proposal to raise tax rates for people making over $250,000 a year. >> i think it would be an enormous mistake for us to raise taxes on anyone right now with the economy in the trouble it's in. i also hope pe...