By Erik Wasson - 05/23/12 07:48 PM EDT
Senate Budget Committee ranking member Jeff SessionsJeff SessionsOur children, our future – bridging the partisan divide Trump starts considering Cabinet Trump tweets: 'Such a great honor' to be GOP nominee MORE (R-Ala.) and Sen. John ThuneJohn ThuneTim Kaine backs call to boost funding for Israeli missile defense FCC chief pushes phone companies to offer free robocall blocking How the new aviation law will affect your travel MORE (R-S.D.), said their Sequestration Transparency Act of 2012 is needed because Obama has not laid out precisely how the cuts will be implemented in 2013.
The bill requires the administration to deliver a report on how 2013 spending will be cut by July 9.
House Republicans led by Budget Committee Chairman Paul RyanPaul RyanPaul Ryan rewrites 50 years of poverty history Peter Thiel does not make the GOP pro-gay Ryan calls out GOP in anti-poverty fight MORE (R-Wis.) plan to release a companion bill next week.
The bill and the report give the GOP another opportunity to hammer Senate Democrats for not producing a standalone budget resolution this year.
Democrats and the White House have said that if the GOP would consider closing tax loopholes such as for oil-and-gas companies, a compromise could be found to replace the across-the-board cuts with a combination of tax increases and targeted spending cuts.
The standoff could be costly. On Tuesday, the Congressional Budget Office for the first time predicted that unless the automatic spending cuts are dealt with, along with income tax increases set to take effect next year, a recession will likely occur early next year.
— This story was updated at 5:33 p.m.