Since President Obama began his second term, just a few weeks ago, he's discussed his domestic policy priorities – particularly immigration and gun control – at length, but we've heard very little about the budget cuts coming down the pike. If Congress and the president do not reach a spending deal by March 1st, budget cuts will automatically go into effect. These cuts, known as sequestration, would particularly affect the Defense Department, as Defense Secretary Leon Panetta noted in a speech at Georgetown University a few days ago. "These steps would seriously damage a fragile American economy and they would degrade our ability to respond to crisis precisely at a time of rising instability across the globe," Panetta explained. What steps are the resident and Congress taking to avoid sequestration? Takeaway Washington correspondent Todd Zwillich  explains.