Senate Blocks Republican Alternative to U.S. Spending Cuts

The Senate blocked a Republican proposal to give President Barack Obama more flexibility in implementing $85 billion in federal spending cuts set to begin tomorrow.

By a vote of 38-62, with 60 required, senators turned back the measure.

The Republican plan would have retained the spending cuts for the next seven months while requiring Obama to submit a plan by March 15 for allocating them. It would have let Congress vote to reject the president’s plan and keep the original, across-the-board cuts in place.

The measure, which the Obama administration said it “strongly opposes” because it would protect “tax loopholes for the wealthy,” is S.16.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE