Joint Chiefs of Staff Chairman Martin Dempsey (from left), Deputy Secretary of Defense Ashton Carter and Undersecretary of Defense and Comptroller Robert Hale wait for a hearing of the Senate Armed Services Committee on Tuesday. Military leaders are warning Congress about the effects of the sequester.
(We updated the top of this post at 1:30 p.m. ET.)
Looking to head off deep, automatic spending cuts set to kick in on March 1, President Obama on Tuesday afternoon said that to avoid the negative economic effects that come with "political disfunction," Congress should move quickly to pass "a smaller package of spending cuts and tax reforms" that won't hurt the economy.