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Understanding the Sequester with David Sirota

What happens if sequestering, or budget cuts, occur? Conservatives may have you believing such a thing will mean the end of days! But that's not the case. David Sirota explains that the sequester may mean some amount of curtailing of defense spending. How could Republicans, who argue government spending can't create jobs, say that defense spending cuts would kill jobs? On what grounds can they have it both ways, and what will actually happen if defense spending were cut?