Senate Democrats Hurry to Complete Short-Term Sequester Fix
Senate Democrats are trying to complete work by the end of next week on a bill to reverse $85 billion in government-wide spending reductions slated to be imposed March 1.
Their goal is to bring the measure, an undetermined mix of alternate spending cuts and new tax revenue, to the Senate floor the week of Feb. 25, just before the sequester goes into effect, reported CQ News. The bill can be expected to eliminate several tax breaks.
Senate leaders still have not determined what portion of the package would be made up of new tax revenue, but it likely will be close to evenly divided between tax increases and spending reductions. Of course, Republican leaders have said they will not accept any increases in tax revenue when it comes to negotiating legislation to undo sequestration.
One proposal under discussion by Senate Democrats is a measure costing up to $120 billion that would replace the automatic cuts through the end of the calendar year, reported CQ.