Obama warns about Sequester

President Barack Obama draconian government spending cuts that will go into effect on March 1 unless Congress stops them, could have a "severe impact" on U.S. military preparedness. "There is no reason, no reason for that to happen," Obama said. He made the remarks at a farewell ceremony for outgoing Defense Secretary Leon Panetta. "Putting our fiscal house in order calls for a balanced approach, not massive indiscriminate cuts that could have a severe impact on our military preparedness," he said.