The proposal would have ruled out tax increases or spending increases in non-defense accounts. No more than half of the president’s proposed cuts could come from the defense portion of the budget, and defense cuts would have to be consistent with policies established by the fiscal 2013 defense authorization law (PL 112-239).
The Democratic sequester replacement bill would raise $53 billion in additional taxes from top earners over 10 years, according to the Congressional Budget Office.
The measure would require households that earn more than $5 million to pay a minimum 30 percent tax rate, expand an oil tax, eliminate direct payments for farmers and provide funding for agricultural disaster aid and certain farmers who lost income in 2012.
The CBO reported Wednesday that the legislation would add $7.2 billion to the deficit over 10 years, but it also would reduce discretionary spending by $9 billion over the period.
Alan K. Ota and Paul M. Krawzak contributed to this report.
Hillary Rodham Clinton, center, along with former Secretary of State Madeleine Albright, right, and Annette Tilleman-Dick, left, wife for former Rep. Tom Lanots, D-Calif. Clinton was honored with the Tom Lantos Human Rights Prize during a ceremony last week at the Cannon House Office Building. Previous winners include the Dalai Lama and Elie Wiesel.
Each year since 1990, CQ Roll Call has reviewed the financial disclosures of all 541 senators, representatives and delegates to determine the 50 richest members of Congress. This year's report, derived from forms covering the calendar year 2012, shows it took a net worth of $6.67 million to crack the exclusive club.