Sequester Stalemate

As the reality of $85 billion in cuts settles in Washington is still in a stalemate.

Republicans say they won't raise taxes as part of any debt-relieving budget deal.

The White House, meanwhile, is banking on pressure from taxpayers feeling the pinch of the sequester cuts. 

"Our hope is that, as more Republicans start to see this pain in their own districts, that they will choose bipartisan compromise," explains National Economic Council director Gene Sperling. 

President Obama is calling Republicans he thinks may be willing to raise taxes if he can get Democrats to cut Medicare and Social Security. 

Some, including New Hampshire Senator Kelly Ayote, have indicated they'll agree to tax hikes if they're paired with entitlement reform.

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