President Obama Details Consequences of Sequester Cuts

George Stephanopoulos tracks the latest news on the American budget battle.
3:00 | 02/24/13

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Transcript for President Obama Details Consequences of Sequester Cuts
of story. T-minus five days to yet another fiscal cliff. President obama warning of dire consequences from air travel to food safety. How bad will it really be? Let's go to george stephanopoulos host of george stephanopoulos for more. The president is soundinhe alarm. Unlike the fiscal cliff at the beginning of the year, you're not seeing much pressure from the economis are politicians overstating this? 85 billion in across the board cuts. The congressional budget aufsz said that it's only going to be about half that. The potential for close to million federal workers out of work. Pay cuts for federal workers. Unemployment checks going down and big effects on defense as well. We'll have to see how this plays out over several weeks. The blame game is in full swing right now. I would be cautious about wall street's response. There's a lot of strength to the economy. Most economists do agree, if the sequester kicks in, it will harm economic growth this year. We're lurching from crisis to crisis to crisis, any hope of grand bargain, that we sort of spending out? Not any time soon. The next big deadline is the end of the march when the government runs out of money. They'll have to come one some agreement to continue that as well. Some hope that might lead to broader negotiations. Right now, both sides are dug in. Both republicans and democrats are saying. Thank you, george. We appreciate that. Have fun in l.A. Covering the oscars. Today on "this week," two powerhouse roundtables. Now we turn to george to hollywood stars, the oscars

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

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