i was wondering the effects of sequesteration on those programs and mental health programs. >> sequesteration has impacts on everything. >> right. >> i mean, we have invested a lot of money and effort and time in trying to build resiliency and trying to get after the issues we have with suicide and many other issues. we have counselors that we increased significantly in every one of our installations that help our families and our soldiers to work through coping mechanisms and problems that they have, but that will be affected. we will not be able to afford the number of counselors that we have today. that's just -- that's just simple. just, we cannot do it. that's one of the high priorities. we'll try to sustain it at the highest level possible as we go forward, but it will have to take a reduction, and these are serious, as you know. although the effort we put into it, we have not yet put a dent into the suicide problem, and so this is of deep concern to all of us as we move forward. it impacts other critical family programs that have helped us over the many years as our families have sacri

, business leaders and economists they've already said that these cuts here in washington and sequesteration are a bad idea. they're not good for our economy and not how we should run our government. >> congress asks that this plan replace cuts through january of next year, which means, again, we are looking at another replacement plan, something far from a long-term solution to the budget problem. >> this morning we're looking at our area is among the areas that can be hurt the most by. government spending makes up 20% of our economy. defense spending also makes up almost 10% of our economy. >>> and right now, prince william county police are on the scene of a bizarre crime spree that started last night and ended with an suv crashing into a house in woodridge. tony is live on the scene with new developments. tell us what you learned. >> this was a multitude of events last lasted over the last couple of hours. but take a live look right now and see the end result and you can see an enormous hole in the front of that house where the front door used to be. you can see the truck went almost int

remember why we have the sequesteration and why the president encysted on it. the president didn't like the plan senator mcconnell and i had to deal with the first tranche, the 1.2 trillion of the discretionary cuts and to move the debt limit ouu of here. he wanted to make sure the didn't have to deal with the debt limit before his re-election. this was about his convenience. him not wanting to go through a fight over the debt limit again. that's where he came up with -- where he came up to the sequester as a backstop to the super committee. >> your responsibility for passing it and accepting the deal. >> it was a negotiation. i didn't like it anymore than anybody else liked it, but when the president told me, and harry reid told me, they'd work with us to get an outcome out of the super committee, i felt confident we would. unfortunate ly, we didn't. >> we heard you say over and over again you did your job, but how do you pass a bill in this congress, and it's not noon on thursday, and the house is going home the day before the deadline. are you concerned at a

none of the great history of, hey, who owns sequesteration? who came up with this idea in the first place? none of that. it was like an obama commercial. it was like a campaign commercial, i swear. the reporter did no context, no background and just took the white house line and fed it to baltimore viewers. >> that's what the white house is counting on. circumventing the white house press corps. >> you can speak to this, bill, you know, local reporters don't ask good questions or don't have the factual knowledge to follow up. it is true that those of you at 1600 pennsylvania avenue every day, you know what the president said a year ago, two years ago, you can follow up. i fear we're denigrating journalists who work in washington. >> he did. >> no, i am glad they have a chance to talk to the president. they are going to ask questions that are centered on their local issues. that's their job. the president will take advantage of that to make his point straight away. >> it shouldn't be one or the other. it should be both. >> after the white house

address yesterday to criticize congress for failing to come up with a deal to come up with the sequesterationnto effect march 1. tell your friends that military salaries will likely be limited to a 1% increase in 2014 because of sequestration that increase will play out the same as a pay cut, though, as it will not keep up with the expected cost of living increase in the coming year. so that is not good for our troops. let's go to lighter stuff. >> i like that massachusetts accent. >> hammering it. good for other things, of course, in high school and college. >> yesterday we began our one-year countdown to the winter olympics in russia which we broadcast right here on nbc. but those aren't the only olympics going on. in northern india, all this week you can enjoy the rural olympics. they're entertaining. the competition of some type, horses dancing on two feet. it looks a bit like some sort of trippy dressage. that is unbelievable stuff. there is the typical feats of endurance and strength with the tug of war. the 100 meter dash. they are flying there. and pulling a minivan with your ears --

these days, of course, is on the issue related to sequesteration. and the president said, we've got some things to talk about with the republicans, but most observers, and i would agree, are thinking we'll hit the sequester march 1, but hopefully not for long. >> susie: if there is s sequestration, what does that mean for the economy? >> i think most people are already figuring some sequestration for several months in their outlook. we know it is an across the board cut and it hits defense pretty hard. if it is only for a few months, the world won't end. if it lasts longer than that, we need to talk. it is not help to an economy that is muddling through to begin with, as you know. >> susie: you know, there is a sense of complacency about these washington deadlines, that somehow they'll work through it and we won't have that problem on march 1st. there were some reassuring words from president obama last night. what do you think will really happen coming march 1st? >> i think the march 1st sequestration will hit, and that means there will be across t

the sequesteration alarm clock is about to ring.utomatic spending cuts loom, but will congress strike a last minute deal, and what happens if they don't? we have the head of the world's largest futures market, cme group, executive chairman harry duff my live to size up the trade. what's the potential impact on commodities and options? plus, mobile wallets go west as in western union. the money transfer giant expanding internationally with a big push in the interpret and mobile. we got the ceo in a fox business exclusive. does is apple bleeding from the bites at the shareholder meetings? should you nibble on stock right now? why a shareholder fund manager says apple is poised for a juicy turn around. "countdown to the closing bell" starts right now. ♪ liz: good afternoon, everybody. i'm liz claman, the last hour of trading, the all important hour here. glad you're with us. the bulls firmly have the upper horns with stocks rallies for the second day in a row. why is this? pending home sale z ricing to a three year high in january. dur

>> sequesteration is across the board kind of thing, should you plan for that or not plan for that? say you're a graduate student right now, money for your lab, not money for your lab? really awful to not, to not make decisions. i'm not a macro economics person. clearly there's this global almost evaluation where everybody is trying to get their currency to be worth less which has business standing on the sidelines a bit in terms of their capital spending and you'd like to unlock that. one of the big pools of money that's out there. >>> when we come back, bill gates tells us he thinks he knows what makes a great teacher. an answer to an age-old question, when we come back. officemax is celebrating our new collaboration with go daddy! with an online package including: domain name, website builder with five pages and basic email just $49.99! that's up to 76 percent below online providers and only at officemax stores! five days later, i had a massive heart attack. bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin regimen. [ male announcer ] be sure to talk

people completely forget that it was sequesteration was jack's idea to get the budget deal we had a year ago. you can walk away from it and blame republicans, it doesn't make any difference. this was the white house's payment. >> thank you, guys, so much. >> thanks, candy. >> thanks for watching "state of the union" i'm candy crowley in washington. head to cnn.com/sotu for analysis and extras. if you missed any part of today's show find us on itunes. fareed zakaria "gps" is next for our viewers here in the united states. >>> this is "gps the global public square." welcome to all of you in the united states and around the world, i'm fareed zakaria. on today's show the gun debate and the state of the two biggest economies in the world. first up, on tuesday in the state of the union, president obama challenged congress to vote on proposals to get weapons of war off our streets. but will it happen? can it happen? we'll talk to a world leader who made it happen in his nation. >>> then, larry summers on how to create jobs in america. the former treasury secretary on how the president can achie

the sequestere does not give them say over where the cuts happen. it damages their power.side from offending a lot of constituencies, that is part of what these folks take about being sequester. it reduces their power. president, try to change that discussion. these cuts are real and they will hurt the regular people. what bugs them is article 1. guest: and the fact that it does not cut into what needs to be cut courtroom or cut back. the drivers of our deficit. it does nothing to them. guest: there is a trend on medical care -- there is a tram on medicare in the sequester. it is not very much. host: let me go back to bob woodward. he concludes with these words. when the president asks that the sequestered includes new revenue, he is moving the -- ask that the sequester includes new revenue, he is moving goalpost. that was not a deal he made. guest: we are given back to discussion of who said what and when. the reason why this is so confusing is twofold. of some reduction. it does not say spending cuts in the long period i would like to think somebody would have put that i

people completely forget that it was sequesteration was jack's idea to get the

to sequesteration? >> you probably know the details., the negative is they are not making any adjustments in the national stugse institutes of health, homeland security bill, air traffic control, food safety, etc. however it could go over to senate. the senate could make important changes and then come back here and let's see if we can get some bipartisan working together. but it is not clear exactly what would happen and then, as i understand it, you have all reported it. first we looked at it and we said, hmm, this is an interesting idea. let's explorened and see if we can work something out. after it happened, they are still planning to do the sequester. so it would be the c.r. attached to the defense bill that would go to the senate that would be made better, but then they still want to do the sequester. i just want to close with one other important thing. budget control act already cut 1.5 trillion dollars. it is important to know that the scregsry part of our budget is the lowest -- scregsry part of our begget is the lowest it has

. >> the sequesteration in development was designed to be so ridiculous cuts would never happen. are there better cuts for defense? do you have recommendations that make more sense than the punitive cuts tomorrow? >> well, sure. normally, when you do cuts, you don't put an artificial con straint on it saying every program is equally cut. you look for the things that -- i say if you kill a big weapons system, you can get billions out of that. maybe you don't need it. in the past, they have killed big weapon systems when they had to save money. the department of defense is probably the most experienced group of all in how to deal with perspective cuts. it starts at the top, all the way to the bottom, comes back up. it's going on right now in the pentagon. i'm sure there's a lot of people who ate pizza last night. lori: where should the cuts happen, general? >> at various levels. when money goes down, it has to get sliced up and smaller and smaller bits, so -- lori: right now, it's the president deciding where the cuts happen. that's the problem. >> sure, at the top. he's not the on

>> from our point of view, revenues and sequesteration are one in the same.ident won $618 billion in new revenue because of it and now we're talking about the spending portion. these two were wrapped around each other. it was divided on january and now it's time to talk about spending. keep in mind, $85 billion is about about 0.5% of the entire budget. >> robert, real quick -- >> let me ask one question. this may take longer, i apologize. i think you were in congress in 1995 when they came together for a deficit reduction package, even though they had just been a through a pretty nasty national election. what do both sides have to do to get to that point in 2013? >> one thing that newt and president clinton had is they were focused on a deadline and they realized these things had to be done. they couldn't get away with postponing them forever and ever. back then the senate passed budget and the senate hasn't passed a budget since the ipad was invented. four years now. so, i think that we had a different sense of urgency and i think deadline. but, i'll say thi