Senate Democrats have announced a plan to avert automatic spending cuts set to kick in under the looming sequestration. The proposal includes spending cuts and tax hikes, primarily on millionaires. Earlier this week, top military leaders appeared before Congress to urge a delay to the automatic cuts. The Pentagon is set to lose $46 billion in funding come March under President Obama’s spending deal with Republicans. General Martin Dempsey, the chair of the Joint Chiefs of Staff, and General Raymond Odierno, the U.S. Army chief of staff, said the cuts could bring about a crisis of military readiness.

Gen. Martin Dempsey: “The magnitude of this thing, even if we got all of the authority in the universe to deal with it, this would be the steepest, biggest reduction in total obligating authority for the Defense Department in history, at a time when I will personally attest to the fact that it’s more dangerous than it’s ever been.”

Gen. Raymond Odierno: “We have and we will continue to do our part, but the significance of these budget reductions will directly impact our ability to sustain readiness today and into the future. We simply cannot take the readiness of our force for granted. If we do not have the resources to train and equip the force, our soldiers, our young men and women, are the ones who will pay the price.”