Obama to sign spending bill, but it's not what he hoped for

(CBS News) President Obama will sign a bill this week keeping the government funded through the end of the fiscal year, the next six months. But it's a bill the president would rather not approve because it also means at least some massive spending cuts.

"It's just dumb. And it's going to hurt," Mr. Obama said earlier this month, referring to the automatic spending cuts known as the sequester.

With the $85 billion in across the board spending cuts, the bill doesn't pay for a lot of things he had hoped to do.

Before the vote for the sequester, the White House warned of disaster to come, hoping to convince Congress not make the cuts.

"There are literally teachers now who are getting pink slips," said Education Secretary Arne Duncan said on "Face the Nation" Sunday.

And even though most Americans haven't yet felt any effect of the cuts, the White House is quick to showcase those who have.

Congress and the president did manage to spare some agencies the worst of it: the Defense Department, for example, has been able to delay sending furlough notices to some 800,000 civilian workers.

And the Agriculture Department will be able to keep meat inspectors on the job, which would also impact the rest of America by potentially keeping food prices from rising.

But other departments won't be as lucky. The president felt strongly enough about early childhood education to make it a focus of his the State of the Union Address.

"Every dollar we invest in high-quality early childhood education can save more than $7 later, we know this works. So let's do what works," said President Obama.

But the Department of Education was not spared, and officials said early childhood programs will lose $400 million because of the sequester cuts.

For Bill Plante's full report, watch the video in the player above.