Reid Introduces Bill To Head Off $85B Sequestration Cuts

Law360, New York (February 27, 2013, 1:58 PM EST) -- Senate Majority Leader Harry Reid, D-Nev., Tuesday formally introduced the Democratic bill meant to head off the impending $85 billion in across-the-board spending cuts widely known as sequestration, calling on congressional Republicans to agree to a deal before a Friday deadline.

The bill, known as The American Family Economic Protection Act, would replace sequestration through Jan. 2, 2014, and includes $55 billion in new revenues and $55 billion in spending cuts, half of which would come from reductions in defense spending.

“We have a balanced proposal...
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