Barack Obama

Friday afternoon, President Obama spoke from the White House on the impact of sequestration. His remarks came after meeting with Congressional leaders.

FOX News Radio's Mike Majchrowitz reports from the White House:

It was the meeting to no where. The President and Congressional leaders talked sequester for a little less than an hour, but they came away without any agreement. The President later assured Americans they will get through this.

(Obama) "Not everyone will feel the pain of these cuts right away. The pain though, will be real."

The President remainsĀ adamantĀ that taxes be raised to offset half of the sequester cuts. House Speaker John Boehner says the President just got a big tax increase and the discussion of more taxes is closed.

(Boehner) "It's about taking on the spending problem here in Washington."

The sequester requires $1.2 trillion in budget cuts over the next nine years, $85 billion of it this year.

At the White House, Mike Majchrowitz, FOX News Radio.

WATCH President Obama talk about the sequester:


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John Boehner

LISTEN to House Speaker John Boehner's remarks on the sequester:

Hagel

The new Defense Secretary is announcing fewer flights and less training for the military, as the sequester axe falls.

FOX News Radio's Jared Halpern has more on that part of the story from Washington DC:

Not only does sequestration mean deep spending cuts for the Pentagon, but little flexibility in where the cuts come from.

Hagel: "Effective immediately Air Force flying hours will be cut back. This will have a major impact on training and readiness."

Defense Chief Chuck Hagel says the Navy will gradually stand down at least four air wings starting next month. And the Army will curtail training for all units not deploying to Afghanistan. Hagel signaling confidence agreement will be reached before tremendous damage to defense programs; though consensus appears far off. A final effort between the President and Congressional leaders yielding no deal.

In Washington, Jared Halpern, FOX News Radio.