Senate releases text of Reid's sequester replacement bill

Republicans have said the measure is a gimmick that would not lead to real savings, and they have called on Democrats to focus on cutting waste.

Earlier today, Senate Minority Leader Mitch McConnellMitch McConnellSenate passes funding bill to avoid shutdown Conservative groups deliver last-minute warning to GOP on spending bill Congress votes to override Obama for first time MORE (R-Ky.) said Reid's bill goes against President Obama's preferred plan of replacing the sequester with new taxes.