Senate Democrats will introduce a plan this week to avert the deep, automatic spending cuts -- known as sequestration -- that are set to take effect next month, the Democratic leader told reporters Tuesday.
"Later this week, we'll introduce a plan to temporarily replace sequester with a balanced approach the American people want and deserve," said Senate Majority Leader Harry Reid (D-NV). "The bills being drafted will include equal amounts of revenue and cuts, because Democrats believe the right way to reduce the deficit is to target waste and abuse by pairing smart spending cuts with closing tax loopholes, asking the wealthiest Americans to contribute more."
Reid said he has a meeting this week with House Speaker John Boehner (R-OH) on the sequester.
After Reid spoke, Senate Minority Leader Mitch McConnell (R-KY) said he expects the sequester to take effect.
"It's pretty clear to me that the sequester is going to go into effect," McConnell told reporters. Referring to the resolution of the so-called fiscal cliff, he said, "Read my lips: I'm not interested in an 11th hour negotiation."