$85 billion in automatic across-the-board cuts will happen unless President Obama and Congress come to an agreement by March 1. Watch CNN.com Live for continuing coverage on this story.
Today's programming highlights...
10:00 am ET - Ben Bernanke on Capitol Hill - Federal Reserve Chairman Ben Bernanke is slated to discuss the economy and U.S. monetary policy before a Senate committee today, but he may also discuss the threat of forced spending cuts.
10:00 am ET - Hearing on spending cuts and the military - The Pentagon has been the most vocal on forced spending cuts, saying such action would be devastating. The heads of the four U.S. military branches will testify before a House committee on their concerns.
11:55 am ET - Obama talks forced spending cuts - President Obama will call on Congress to come to a solution toward avoiding forced spending cuts in Newport News, Virginia.
12:00 pm ET - Senate takes up Hagel - Senators take a break from discussing forced spending cuts to reconsider the failed cloture vote on Chuck Hagel's nomination to be the next defense secretary. If the cloture vote succeeds, senators may vote on the actual nomination today or Wednesday.
12:30 pm ET - Jodi Arias murder trial - Prosecutors will continue cross-examining Jodi Arias at her murder trial in Arizona. She is accused of killing her ex-boyfriend, Travis Alexander, in 2008.
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