of compromise. reporter: tomorrow the president will begin showcasing the impact of sequester cuts on individual states when he travel s have virginia where 90,000 civilian defense workers would be furloughed one day a week, jenna. jenna: a big story in the state of virginia and many states, wendell. we know the president just made these comments in the last hour or so, but what s the republicans take on all this? reporter: they say the president got the tax hike he d been demanding at the end of last year when the rate was raised, the top rate on families making more than $450,000 a year. they say he traded away increased revenue as part of the sequester for an 18-month expansion of the nation s debt ceiling at the end of 2011, and they say the 3% spending cut the sequester demands doesn t have to hurt as much as the white house says it will. the reality is nobody is saying he should make these exact cuts, but we can cut less than 3% of the budget without jeopardizing air traff
started yet. reporter: the sequester was put in place to be a hammer, not a policy. that was the words used today by bob mcdonnel, he, of course, the republican governor of the state of virginia, a state hard hit because there s so many installations of military and defense workers. the pentagon noted more than 700,000 civilian military workers, department of defense workers, will effectively lose 20% of their pay. they will have to work one less day a week if this goes in effect. as one observer put it, it s like a low speed car crash heading our way. peter alexander from 1600. peter, thank you, sir. wednesday morning the supreme court will hear arguments in a case called shelby county versus holder. it s a case that could determine the future of the landmark voting rights act of 1965. to find out what s at stake, we re going to go ahead and take a reality check on this sunday.
economy. .6% of the overall economy and hits toward defense workers, tsa as chris just mentioned, you know, as an effect, it s hard to get as agitated as you do about the debt ceiling and the federal government stops funding itself, that s a major part of the you say agitated v. you seen an angry person in a tsa line? it is not a pretty look. i ll be joined tweets to local representative. i think the reason why it s not having the affect that the debt ceiling had, that the two years ago, the whole august of 2011 had, is that people, one, have stopped believing the rhetoric of government. you say things fall apart one too many times, look, it hasn t and i m not sure it will and from a purely financial perspective, it s not as damaging as eric cantor says they will be. molly, our first read team puts thit way. why the sequester probably will happen in the short term and the reasoning we have heard from
illinois down into texas as we head into tomorrow. jon: that is something to be watching for. maria molina thank you. thanks. jamie: there are massive defense cuts looming and the pentagon s warning hundreds of thousands of defense workers if sequestration is not solved in weeks there could be furrows and pay cuts that could take eeect in april. this is the on heels of defense contractor, general dynamics talking about $2 billion in losses that could lead to more job cuts in the defense industry. national security correspondent jennifer griffin joining me live from the pentagon. jennifer, this could be very bad news for those workers. reporter: absolutely. remember for months, defense secretary panetta s guidance for the services we are not planning for sequestration. the poison pill cuts seemed ludicrous at the pentagon. the deep across-the-board cuts seem inevitable. the looming deadline is march 1st, as you mentioned. on friday, deputy defense
tamron, saying this is like taking the economy hostage by threatening not to pay debts that we have already incured. tyler, as i mentioned, the dow up just a little bit today. how soon will we see perhaps start to see an impact on the arrows on the screen? i think beginning to see a little bit of sort of trepidation begin to creep in. and as the rhetoric continues to heat up and as we get closer to that point at which despite all of the work that the treasury department can do to move money around, where really start coming down to where the government says, we cannot continue to pay either federal salaries or benefits to retirees or obligations to defense workers or contractors. then it s going to start to really get forgnarly and not surprised to see volatility and decline in the market we haven t seen since 2011. we won t forget that summer.