Senate Majority Leader Harry Reid (D-NV) speaks at news conference at the U.S. Captiol on the eve of the budget sequester on February 28, 2013 in Washington, DC. - 

The $85 billion in mandatory, across-the-board spending cuts known as the sequestration take effect today. The cuts could have immediate implications for federal workers, the unemployed, and federal aviation personnel

But what about the long-term effects of the reductions? Marketplace economics correspondent Chris Farrell joins Morning Report host Jeremy Hobson to discuss the sequestration's lasting impact on federally-funded scientific research.

Follow Chris Farrell at @cfarrellecon