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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 for March 1.

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

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It would raise nearly $55 billion in taxes by implementing the Buffett Rule, setting a minimum effective tax rate for wealthy individuals and families. It would raise additional revenue by changing the tax treatment of oil extraction from tar sands.

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The $55 billion in spending cuts are evenly divided between defense and non-defense programs. It would save $27.5 billion by eliminating agricultural subsidies and another $27.5 billion though defense cuts.

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Opposition in the Senate also came Thursday from liberals, who said it should have been tilted more to tax hikes.

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It would raise nearly $55 billion in taxes by implementing the Buffett Rule, setting a minimum effective tax rate for wealthy individuals and families

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I think the GOP needs to jump on this if they have the opportunity

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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.

This version of the Buffett Rule would phase in a 30-percent effective rate for incomes between $1 million and $2 million.

The plan would also end tax breaks that incentivize companies to move jobs overseas, raising less than $1 billion.

The $55 billion in spending cuts are evenly divided between defense and non-defense programs. It would save $27.5 billion by eliminating agricultural subsidies and another $27.5 billion though defense cuts.

Senate Appropriations Committee Chairwoman Barbara Mikulski (D-Md.) said the defense cuts don't kick in until 2015, after the Afghanistan war ends and they are phased in slowly until 2021. The plan would make defense cuts of about $3 billion in fiscal years 2015 and 2016 and slowly rise to $5 billion in 2021.

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Liberals voiced concern about the 1-to-1 ratio of spending cuts to tax revenues in the package. By their estimation, Congress has already cut $1.7 trillion in spending and raised taxes by $700 billion since 2010, they note.

“We’ve let it be really lopsided,” said Sen. Tom Udall (D-N.M.). “I’m going to support a more balanced approach than what we have now.”

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cuts of about $3 billion in fiscal years 2015 and 2016 and slowly rise to $5 billion in 2021.

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I think the GOP needs to jump on this if they have the opportunity.

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