Sequestration bills fail in Senate

Posted: 7:00 PM EST Feb 27, 2013   Updated: 6:47 PM EST Feb 28, 2013

Two very different takes on how to head off $85 billion in budget cuts have both failed in the U.S. Senate.

Republican Pennsylvania senator Pat Toomey had introduced a bill that would prohibit a tax increase and replace cuts to defense spending.  Democrats want a combination of cuts and revenue.

Their plan called for cutting payments to farmers and making defense cuts over the years as the U.S. withdraws troops from Afghanistan.

The across-the-board budget cuts are scheduled to take effect Friday.