Why the Sequester Isn't the Economic End of Days

Sequestration cuts are "trivial" compared to the overall budget.

White House press secretary Jay Carney, right, laughs as Transportation Secretary Ray LaHood arrives to brief reporters regarding the sequester, Friday, Feb. 22, 2013, at the White House in Washington.

White House press secretary Jay Carney, right, laughs as Transportation Secretary Ray LaHood arrives to brief reporters regarding the sequester Friday at the White House.

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"Each dollar spent on gasoline reduces what's available for shopping and traveling," he says. "We're not [at $5 a gallon] yet but if prices continue to rise through winter and into spring, there is some concern."

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