March 1st, 2013
09:37 PM ET

Obama signs order enacting $85 billion in spending cuts

The sequester hatchet is about to fall. Or is it? For weeks, President Obama has been warning that we will face financial doom when these $85 billion dollars in cuts take effect in less than five hours from now.

"These cuts not smart, they are not fair, they will hurt our economy, they will add hundreds of thousands of Americans to the unemployment roles. This is not an abstraction." Obama added, "People will lose their jobs."

Obama signs order activating deep spending cuts

But as the clock ticked closer to dooms day the President started to change his tune.

"This is not a cliff but it is a tumble downward," Obama said.

Erin Burnett asks if we're not going to feel the pain, what was all the bickering about?

OutFront tonight:  Stephen Moore, a Sr. Economics Writer, Wall Street Journal Editorial Page and Daniel Altman, an economics professor at New YorkUniversity.

Filed under: Economy • News • Sequestration • Uncategorized
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