Submitted by: John Butler
By
Aaron Cantor USAF (ret)
WASHINGTON (Reuters) – The top Senate Democrat said on Tuesday that he wants increased tax revenues to help replace the automatic spending cuts looming on March 1, a demand that could reignite partisan budget tensions.
Senate Majority Leader Harry Reid said Democrats are working on alternatives to the $85 billion in delayed, across-the-board spending cuts, known as the sequester. They will seek to end some tax credits and close loopholes – possibly some for oil companies – to find revenues to help replace the cuts, he said.
