Obama: Taxes must go up to avoid massive defense cuts

President Obama said Monday the "the only thing" allowing the sequestration to proceed is Republicans' unwillingness to raise certain taxes, in an interview with WVEC in Hampton Roads, Va.

OBAMA: Nobody wants sequestration to happen. This was set up as a inducement for Congress to do the right thing, too reduce the deficit by an additional $1.2 billion [sic], and the only thing that's standing in the way of getting this done right now is the unwillingness on the part of some members of Congress and folks in the Republican Party to give up on some tax breaks for folks like me who don't need them.