Senate Dems unveil $110 billion sequester-replacement package

By Alexander Bolton and Erik Wasson – 02/14/13 01:51 PM ET

Senate Democratic leaders unveiled a $110 billion sequester-replacement bill at a closed-door caucus meeting Thursday that would replace $85 billion in automatic spending cuts set to hit March 1.

The Senate Democratic package is split evenly between spending cuts and provisions raising new tax revenues, according to a Democratic source.

It would raise nearly $54 billion in taxes by implementing the Buffett Rule, setting a minimum effective tax rate for wealthy individuals and families. It would raise additional revenues by changing the tax treatment of oil extraction from oil sands. Continue reading “Senate Dems unveil $110 billion sequester-replacement package”