Sequestration Deadline: Obama Meets With Leaders

The president will meet with congressional leadership just hours before spending cuts take effect.
2:03 | 03/01/13

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Transcript for Sequestration Deadline: Obama Meets With Leaders
Is deadline day for those massive federal budget cuts due to take effect. Just before midnight tonight ABC's Jonathan Karl tracking the latest at the White House right now good morning to you John. Good morning Josh the day is upon us those dreaded across the board spending cuts. Will go into effect sometime before 11:59. PM tonight and only now -- the president having his first meeting. With congressional leaders here at the White House to try to do something about it. Congress is now going home -- long weekend. After failing to pass a plan to avert -- sweeping 85 billion dollars in cuts I cannot -- you. How disgusted I am when an impassioned speech on the senate floor Republican Lindsey Graham. Cast -- not just on the president but also -- his own party to me this is but steady leadership by the commander in chief. This is an abandonment of the Republican party's belief in peace they strip this is the low point in my time in the United States congress. The finger pointing is a little embarrassing to both sides spent almost no time try. To come to an agreement -- is the president sequestered. It was his team of an insistent upon -- to -- my Republican colleagues have decided to protecting special interest is more important to them the right thing for our economy. So now what the administration warns that in the coming weeks. We'll see flight delays kids thrown off headstart and criminal set free to a lack of federal prosecutors. But white house Press Secretary Jay Carney acknowledged the pain may not -- -- It away what happens at 1115 -- look you know. -- -- not all of them will be felt immediately they don't all happen on Saturday. It's a gradual process but the cumulative impact of sequester. You know will be significant to our economy and and particularly -- individuals affected. Nobody has high hopes for today's meeting. Even if there -- -- suddenly come up with an agreement of course the house and the senate -- -- for the weekend so -- -- be nobody around to actually pass it.

This transcript has been automatically generated and may not be 100% accurate.

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