The $110 billion package includes so-called Buffett Rule tax on wealthy Americans.
Senate Democrats attending a closed-door luncheon on Thursday were shown a proposed $110 billion package of spending cuts and revenue gains to replace the $85 billion in automatic cuts under sequestration, the newspaper The Hill reported.
Citing a “Democratic source,” the story said the plan would raise some $55 billion by implementing the so-called Buffett Rule minimum tax on wealthier Americans and by recasting tax policy on oil extraction from tar sands. The proposed cuts, according to The Hill, would be evenly split among defense and non-defense programs. They would save $27.5 billion by eliminating agricultural subsidies and another $27.5 billion though defense cuts.
The package was assembled by Sen. Majority Leader Harry Reid, D-Nev.; Budget Committee Chairwoman Patty Murray, D-Wash.; Appropriations Committee Chairwoman Barbara Mikulski, D-Md., and Finance Committee Chairman Max Baucus, D-Mont.
The package reportedly drew mixed support in the Democratic caucus.