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[quote=Anonymous][quote]WASHINGTON, Feb. 14 (UPI) -- U.S. Senate Democrats Thursday presented a $110 billion alternative to the looming sequester that raises $55 billion in new revenue through the Buffett Rule.

The package, which would be effective through Dec. 31, splits spending cuts and new revenue evenly in a bid to replace the $85 billion in spending cuts set to go into effect March 1.

Both Republicans and liberal Democrats voiced opposition to the proposal.

The plan -- crafted by Democrats Patty Murray of Washington, Barbara Mikulski of Maryland and Max Baucus of Montana under the guidance of Majority Leader Harry Reid of Nevada -- seeks new tax revenue through implementation of the Buffett Rule -- named after American investor Warren Buffett -- which would set a minimum effective tax rate for the wealthy, The Hill reported. It also would raise funds by changing taxes related to oil extraction from oil sands.

Some $27.5 billion in spending would be trimmed from the defense budget and $27.5 billion would come through elimination of agriculture subsidies, The Hill said.

The White House praised the plan.

Read more: http://www.upi.com/Top_News/US/2013/02/14/Senate-Dems-unveil-sequester-alternative/UPI-81391360866535/#ixzz2KueZGiby[/quote][/quote]

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