UPDATED 12:09 PM EST, February 14, 2013
WASHINGTON (AP) — President Barack Obama's Democratic allies in the Senate are unveiling legislation to avoid a looming set of sharp, across-the-board spending cuts set to strike the Pentagon and domestic agencies in just two weeks.
The measure would impose a minimum tax rate on million-dollar incomes and replace the automatic cuts, known as a sequester in Washington-speak, with cuts to much-criticized farm subsidies and more gradual reductions to the Pentagon budget.
