$85 billion in automatic across-the-board spending cuts will take place if President Obama and Congress can't reach a deal by March 1. Watch CNN.com Live for continuing coverage on this story.
Today's programming highlights...
10:00 am ET - Assault weapons ban legislation briefing - The Senate Judiciary Committee holds a hearing on proposed legislation that, if signed into law, would ban the sale and manufacturing of dozens of firearms.
10:30 am ET - Chuck Hagel's first day on the job - One day after a bruising confirmation battle came to an end, new Defense Secretary Chuck Hagel speaks to Pentagon employees.
11:00 am ET - Rosa Parks statue unveiling - President Obama will speak at the unveiling of a statue of civil rights icon Rosa Parks at the U.S. Capitol.
11:00 am ET - White House briefing - Forced spending cuts will likely dominate Press Secretary Jay Carney's agenda with the White House press corps.
12:15 pm ET - Jodi Arias murder trial - Prosecutors will continue cross-examining Jodi Arias at her murder trial in Arizona. She's accused of killing her ex-boyfriend, Travis Alexander, in 2008.
1:00 pm ET - Mars mission announcement - Remember "space tourist" Dennis Tito? He's back to announce plans for a possible 2018 roundtrip mission to Mars.
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