In an attempt to avoid the sequester that will take effect March 1, Senate Democrats have introduced a bill that calls for $55 billion in spending cuts and $54 billion in new tax revenue.According to a Defense News article, the bill would slash Pentagon spending by $27.5 billion in fiscal 2013, with an identical amount being cut from agriculture subsidies.
“That’s a gimmicky tax-hike bill,†Don Stewart, a senior aide to Senate Minority Leader Sen. Mitch McConnell, R-Ky., told reporters.
“That’s not going to be supported by Republicans. It’s not going to be supported even by all the Democrats. … They have no intention of actually passing it,†he added.
Soon after the legislation was announced, democratic Senators said the measure should require more revenues.
The bill is expected to be taken up by the full Senate in the week of Feb. 25, after the chamber returns from recess.
The battle lines for the next fiscal cliff debate are now being drawn with Republicans demanding more spending cuts to entitlement programs and Democrats pushing for more revenue.
