GEORGE STEPHANOPOULOS: Let's talk about another huge issue this year. The sequester across-the-board budget cut is supposed to hit on March 1. You talk to leading Republicans in the House like Paul Ryan, leading Republicans in the Senate like Tom Coburn. They say the sequester is going to hit. Are they right?
HARRY REID: The American people need to understand that it's not as if we've done nothing for the debt. $2.6 trillion, $2.6 trillion already we've made in cuts. And all those cuts have come from non-defense programs. We need to keep our eye on the prize and continue doing something about spending, but I think that what we need to do is do some of the things that Mitt Romney talked about. He said there's some low-hanging fruit. There are a lot of tax loopholes that should be closed. I agree with him. We haven't done that.