"CBO estimates that S. 388 would increase direct spending by $62.4 billion and revenues by $55.1 billion
over the 2013–2023 period. Thus, the cumulative deficit would increase by
$7.2 billion from those changes," CBO wrote in a report.
The Democratic bill would replace the $85 billion in
automatic cuts scheduled to take effect on Friday with a mixture of tax
increases and spending cuts to defense programs and farm subsidies. However,
those spending cuts would be phased in over a ten-year period, whereas the
sequestration cuts would occur this year.
For Baldwin, apparently a "balanced" approach to deficit reduction means raising both taxes… and spending.