The proposed automatic across-the-board spending cuts planned in Congress is "terrible, terrible" legislation, Robert Rubin, former Clinton Treasury Secretary, told CNBC in an interview on Thursday.
The so called sequester is set to take effect next month, and has become a household name as Congress and the White House battle to rein in Washington's red ink. Rubin said on "Squawk Box" that the legislation "is an authorization measure" that would cut spending without implementing it.
(Read More: Why Budget Cuts Could Throw Economy Into Recession)
The former Treasury Secretary added that "I thought we had a reasonable chance at a grand bargain" in the lead-up to the deal to avoid the "fiscal cliff."
Of course, that didn't happen, and he said that House Republicans did not engage with President Barack Obama in the compromise process.
"Today there's virtually no bipartisan activity unless it's in response to a crisis or very special circumstances," Rubin argued, adding the polarization in Congress has "hardened substantially" since the era when Bill Clinton was president.
(Read More: Long-Term Unemployment Now a Thing of the Past?)
-By CNBC's Matthew J. Belvedere; Follow him on Twitter @Matt_SquawkCNBC. Reuters also contributed to this report.
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