By Ramsey Cox
Reid and other Democrats announced their plan to replace the sequester with $55 billion of spending cuts and $55 billion of revenue increases earlier Thursday.
If lawmakers don’t act to replace $85 billion in automatic spending cuts, they will take effect on March 1.
Democrats have called for replacing the sequester with some spending cuts and some revenue by closing tax loopholes, but Republicans have refused to consider any more tax revenue.
House Republicans, who voted twice to replace the sequester last year, have said it's up to the Senate to initiate action now, but the Senate is in recess next week, leaving only one week for lawmakers to act.