UPDATED 17:18 PM EST, February 27, 2013
WASHINGTON (AP) — White House-backed legislation in the Senate to replace $85 billion in across-the-board spending cuts would result in very modest deficit savings through the end of the budget year, officials said Wednesday, most if not of all of them through higher taxes on millionaires.
Instead, the bill drafted by Senate Democrats would spread one year's worth of anticipated savings over a decade, a move sponsors say is designed to prevent damage to a shaky economic recovery.
