Democratic sequester bill raises debt by $7 billion

Today, the United States Senate is set to vote on two bills designed to address the $85 billion in automatic spending cuts set to begin tomorrow. The Republican version preserves the size of the cuts but grants President Obama the flexibility to direct what gets cut so that government service disruption is minimized. The Democratic version transfers half of the cuts to agriculture subsidies and Defense and offsets the other half of the cuts by creating a new tax on the rich modeled on the Buffett Rule.

Or at least it was supposed to.