As promised, Senate Democrats released an outline of their sequester replacement bill yesterday, all but guaranteeing the sequester will begin on schedule this March 1st.

The Senate sequester bill prevents all $85 billion of this year’s scheduled spending cuts and pays for it with $55 billion in tax hikes, $27.5 billion in cuts to agriculture subsidies, and $27.5 billion in cuts to defense spending. None of the spending cuts or tax hikes are written to take effect until 2014, when the economy is supposedly finally supposed to start growing again.