CBS News has learned that the Senate Democrats' long-awaited plan to avert the sequester, which leaders will present to their caucus today, would replace the 10-year sequester for the rest of 2013—10 months—with $120 billion in spending cuts and new tax revenue, split 50-50.
Most of the revenue would come from implementing what's known as the Buffett Rule, named after investor Warren Buffett. The rule would cap deductions and loopholes for millionaires so they pay at least 30 percent of their salary in taxes. Senate Democrats tried and failed to pass the Buffett Rule last year.
The spending cuts would come from eliminating agriculture subsidies and from trimming the defense budget, though not as drastically as the sequester would.
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