In a nutshell, how does cognitive behavioral therapy work in the treatment of anxiety and/or phobias?

CBT: You learn to challenge distorted views of your self and the world around you. You learn to put things into perspective and to get a reality base to your thought processes.

Refer to CBT: As a neurologist, I refer to psychology constantly, and have been more than impressed with impact as contrasted to other "talk therapies". See a CBT expert and interview regarding their take on treating anxiety and/ or phobias.