Some investors were jittery as 2012 drew to a close and negotiations in Washington over the fiscal cliff brought the U.S. closer to a massive combination of federal spending cuts and tax increases, which were averted with a compromise deal early in January. However, there seems to be little worry over the "sequestration" that may take place on March 1, without another compromise deal between Congress and President Obama. This latest fiscal deadline is a set of federal spending cuts totaling $1.2 trillion over a 10-year period, including an $85 billion spending reduction for the current fiscal year. The Congressional Budget Office has estimated that the spending cuts could slow U.S. GDP growth by 0.6% this year and 1.25% during 2014. Speaking at the White House on Tuesday, President Obama on Tuesday said that the "meat cleaver approach" of the spending cuts "will jeopardize our military readiness," and add "hundreds of thousands of Americans to the unemployment rolls." The president also said that the cuts "won't consider whether we're cutting some bloated program that has outlived its usefulness, or a vital service that Americans depend on every single day." The Republican leadership in Congress seems unlikely to agree to a compromise that includes tax increases, following the tax increases that helped avert the fiscal cliff.