It's just days before the $85 billion in across-the-board spending cuts known as sequester are set to kick in and the Obama administration says the reductions would drastically hurt essential programs, including national defense, education and medical research.
Republicans, meanwhile, maintain that U.S. President Barack Obama doesn't recognize the problem isn't the sequester.
It's "an excessive, bloated, big federal government that's highly inefficient and highly ineffective," according to Sen. Tom Coburn, R-OK, on FOX News Sunday.
While Coburn said he would rein in spending through a different method than the sequester, some GOP lawmakers are ready to let the automatic spending cuts take effect in their current form.
As Money Morning Global Investing Strategist Martin Hutchinson explained in the accompanying video, the sequester should have been made part of a long-term deficit reduction plan.