Battle over automatic budget cuts

WASHINGTON, D.C. -- Little hope remains that Congress will pass a plan to avoid automatic budget cuts.

House Speaker John Boehner said Republicans already took two votes in recent months to pass legislation to make what they call, "common-sense cuts," to avoid sequestration.

Senate Democrats unveiled their own bill Tuesday.

It includes tax increases on wealthy Americans, and the oil and gas industry.

The Senate Budget Committee says it's meeting Republicans halfway with their plan -- which would provide $55 billion in cuts and $55 billion in new tax revenues.

Republicans made clear they want nothing to do with a tax increase to avoid sequestration.

Senate Republicans are putting the final touches on their sequester bill.