The Capitol is seen at sunrise in Washington, Monday, Jan. 7, 2013
(CBS News) -- CBS News has learned that the Senate Democrats'
long-awaited plan to avert the sequester, which leaders will present to
their caucus Thursday, 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.
spending cuts would come from eliminating agriculture subsidies and
from trimming the defense budget, though not as drastically as the
House Republicans passed a bill last
year that would replace most of the defense cuts in the sequester with
more domestic cuts, such as trimming the food stamp program and cutting
federal worker pay. In his State of the Union address Tuesday night,
President Barack Obama said this about the Republican plan: "Some in
Congress have proposed preventing only the defense cuts by making even
bigger cuts to things like education and job training; Medicare and
Social Security benefits. That idea is even worse."
just saw their taxes go up two months ago when they lost their Bush-era
tax cuts. House Speaker John Boehner, R-Ohio, told us repeatedly this
week that "the president got his tax revenue" in the fiscal cliff deal,
and that Republicans won't give any more. But at some point, the two
sides need to start dealing if they want to avert the sequester, which
kicks in March 1.
That's just two weeks away, and Congress isn't even in session next week.