24/7 Newsfeed

Put Reason 24/7 on Your Site

RSS

Follow Reason 24/7 on Twitter and via RSS

Dems Sequester Alternative: Cuts to Ag Subsidies and Defense

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.

Source: CBS News. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

advertisement