How bad are forced spending cuts?

POSTED: 03:50 PM PST Mar 04, 2013    UPDATED: 06:16 AM PST Mar 05, 2013 
Obama spending cut hype

President Barack Obama is insisting that Americans will start feeling the pain from the forced budget cuts that are now going into effect.  And while the White House is rejecting the notion that it's engaging in hype, one cabinet secretary has acknowledged he had his facts wrong on the budget cut fallout.