Senate Democrats Craft Bill to Avert Budget Cuts - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Senate Democrats Craft Bill to Avert Budget Cuts

Updated:

Top Senate Democrats have prepared a plan to slice the Pentagon's budget by $3 billion a year in an attempt to avoid far steeper cuts this year that defense hawks warn would cripple the military.

Majority Leader Harry Reid hopes to stage a vote on the measure before $85 billion in automatic budget cuts start to strike in March.

But Republicans are likely to block the measure because it contains a 10-year, $47 billion tax increase known as the "Buffett Rule" that would require people with million-dollar incomes to pay a minimum 30 percent income tax. The rule is named after billionaire investor Warren Buffett.

Democratic aides say the plan is unofficial but is expected to be released later this week. The aides required anonymity since the plan isn't public. (AP)

  • Today's Top StoriesMore>>

  • Pedro Martinez will Return to Work Friday

    Pedro Martinez will Return to Work Friday

    Thursday, July 31 2014 9:50 PM EDT2014-08-01 01:50:16 GMT
    Pedro Martinez tells Channel 2 News that he will return to work Friday as the Superintendent of the Washoe County School District. More >>
    Pedro Martinez tells Channel 2 News that he will return to work Friday as the Superintendent of the Washoe County School District. More >>
  • Congress Sends VA Overhaul to White House

    Congress Sends VA Overhaul to White House

    Thursday, July 31 2014 9:04 PM EDT2014-08-01 01:04:29 GMT
    Congress has passed a landmark bill to help veterans avoid long waits for health care and fix other problems at the Department of Veterans Affairs.More >>
    Congress has passed a landmark bill to help veterans avoid long waits for health care and fix other problems at the Department of Veterans Affairs.More >>
  • Tesla Prepares Site Near Reno, But Still Evaluating Other Factory Locations

    Tesla Prepares Site Near Reno, But Still Evaluating Other Factory Locations

    Thursday, July 31 2014 9:01 PM EDT2014-08-01 01:01:03 GMT
    Electric car maker Tesla Motors says it is preparing a site near Reno, as a possible location for its new battery factory, but is still evaluating other locations. In a statement, Tesla says it broke ground on the site in June, and adds that it will decide on the final location for the $5 billion factory in the next few months.More >>
    Electric car maker Tesla Motors says it is preparing a site near Reno, as a possible location for its new battery factory, but is still evaluating other locations. In a statement, Tesla says it broke ground on the site in June, and adds that it will decide on the final location for the $5 billion factory in the next few months.More >>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and Sarkes Tarzian, Inc. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.