Democrats’ Plan Keeps Divide on U.S. Taxes as Cuts Near
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Senate Democrats unveiled a $110 billion plan to delay federal spending cuts that includes tax increases Republicans already say they won’t accept.
The plan announced yesterday would postpone the scheduled March 1 start of more than $1 trillion in cuts until 2014. The automatic reductions, known as sequestration, would be replaced with defense spending cuts, a halt in direct payments to farmers and a tax increase imposing a minimum 30 percent rate on top earners.