2013 Federal Budget debate

Defense Secretary Leon Panetta is telling Congress that if automatic budget cuts kick in on March 1 he may be compelled to furlough the "vast majority" of the Defense Department's 800,000 civilian workers.

President Barack Obama is warning that "people will lose their jobs" if across-the-board budget cuts take effect as scheduled next week.

A new government report is predicting the budget deficit will drop below $1 trillion for the first time in President Barack Obama's tenure in office.

President Barack Obama is asking Congress to come up with tens of billions of dollars in short-term spending cuts and tax revenue to delay automatic spending cuts scheduled to kick in March 1.

House Speaker John Boehner says additional tax hikes are out of the question.