Senate Democrats introduced two bills Monday to avoid sequestration by closing tax loopholes. Sens. Carl Levin (D-Mich.) and Sheldon Whitehouse (D-R.I.) said they had two bills, one that would avoid the automatic spending cuts set to take place next month for one year and the second bill that would close enough tax loopholes to provide enough revenue to turn off the sequester for all 10 years. Levin said tax loopholes for corporations drain the U.S. Treasury and shift the burden to middle class families. He specifically targeted tax loopholes that allow corporations to hold assets overseas, deduct corporate stock options and deductions for large oil companies/Ramsey Cox, The Hill. More here.

Question: Are you afraid of sequestration and the automatic spending cuts that are headed our way next month, if Congress doesn't act?