Senate Democrats Finalize Plan to Avert Sequestration

Senate Democrats could take up a combination of budget cuts and revenue-raising measures the week of Feb. 25 to avert still-deeper reductions from a budget sequester, Senate Majority Leader Reid says. The measure, which Reid tells reporters is still being crafted, would be half budget cuts and half revenue raisers, totaling $120 billion, to delay automatic spending cuts due to begin taking effect March 1, Reid says. But Senate Minority Leader McConnell says moments later that Republican senators are finished looking for ways to raise more money from taxes, after yielding on higher taxes for upper-income households during the fight over the fiscal cliff.

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