What happens if there is no budget deal?

With less than two weeks until a March 1 deadline, both President Barack Obama and Congressional leaders are speaking out on the ramifications of possible sequestration.

The sequester, which is another word for forced across-the-board spending cuts, will cut $85 billion from the country's budget, and with that will a number of layoffs for Americans.

While some federal assistance programs will be protected, a most federal agencies will be forced to make cuts. 

Chief National Correspondent John King has more in the above special report.