President Obama is giving back f5% of his salary. The "New York Times" reports the move is to show solidarity with federal employees hit in the wallet by sequester spending cuts. An administration official said the reduction will be retroactive to March 1st and last through 2013. Defense Secretary Chuck Hagel and Deputy Defense Secretary Ashton Carter are also scaling back their pay. The Pentagon is absorbing more than half of the mandatory spending cuts. The President's annual $400,000 dollar salary is set by law. To reduce his own pay, Obama will write a check to the U.S. Treasury.