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Democratic senators unveil plan to stop sequestration

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    What are lawmakers proposing?

  • Duration 2:35
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We're just a few days away from the Pentagon's financial doomsday scenario at least that's what secretary Panetta called it it's called sequestration.

A package of cuts that many experts say would threaten national security.

Chief political correspondent Carl Cameron tonight on the latest plan to avoid.

-- about 85 billion dollars and across the board spending cuts set to start two weeks from tomorrow.

Democrats unveiled their alternative 55 billion dollars in spending cuts over the next few -- and 55 billion dollars in new taxes on the wealthy now.

What -- diocese have a balanced approach to both revenues.

And also.

Two -- revenues means taxes and since taxes already went up 650 billion dollars at the start of the new year the GOP -- more taxes.

Dead on arrival this is not a solution.

Even they know it can't.

That's the idea it's a political stunt designed to mask the fact they've -- -- no solutions.

The Congressional Budget Office estimates the automatic across the board cuts known -- sequester would trim 8% off the Defense Department and five to 6% from other agencies.

Democrats insist any solution to decades of deficit spending must include tax hikes on the rich this is spending problem.

Now that's because we have Michelle location of capital they -- allocation of wealth we have a tax code.

That is huge.

-- wealthy be 85 billion dollar sequester cuts amount to 2.4 percent of this year's three point six trillion dollar annual budget.

And only one half of 1% of the sixty point five trillion federal debt.

It's a drop in the ocean of federal spending yet Democrats describe a tsunami headed for government services personnel and the public.

If allowed to occur sequestration would have significant and destructive consequences for domestic investments national security and -- government services.

The cuts required by sequestration -- middle class families seniors and the most vulnerable.

And our busiest airports -- wait times which can already reach over two hours could grow to four hours or more house speaker John Boehner laid it all the president's feet for having proposed the automatic across the board cuts in the first place as part of -- 2011 budget act but the sequester is there because the president insisted that -- be there.

Where's the president's plan to replace and sequester but he insisted upon.

All kinds of finger pointing in every direction and the standoff continues the deadlines to -- -- tomorrow but lawmakers are actually on vacation next week so as far as congress is concerned.

There are at most five work days to find a compromise.

And no deal in sight -- Our Karl thank you.

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