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SPOTLIGHT

1. SEQUESTRATION

Senate votes down dueling sequester plans

The Senate this afternoon voted down dueling plans to offset or modify looming spending cuts, essentially cementing the reality that the so-called sequester will take effect on schedule tomorrow. A Democratic plan would have replaced the $85 billion in across-the-board spending reductions with cuts to agriculture subsidies and defense programs and the closure of tax loopholes. Republicans offered a bill that would have given President Obama broad discretion to decide what to cut rather than proportioning the cuts equally across almost all federal accounts.

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