We're going to wrap up our live blog coverage of the onset of sequestration.

President Obama and the Republican leadership failed to reach a deal to replace the sequestration cuts, which will begin to take effect today.

The president held a lengthy press conference (for him) to try to pin blame for the cuts on Republicans. He said he can't force the cuts through because he isn't a dictator. He said he had proposed a balanced approach but Republicans would rather accept the sequester than raise taxes on the wealthiest.

House speaker John Boehner said the conversation over more tax revenues "is over" and next week the House will take up a continuing resolution to fund the budget for the next fiscal year.

A summary of what will be cut is here. Obama said the cuts would be felt gradually. Markets shrugged off the sequestration – or welcomed it, rather, with the Dow closing at 14,090, up 35 points.