ABC News' Jonathan Karl reports:
Senate Democrats are preparing a new round budget cuts to counter the cuts passed by House Republicans last week, according to Democratic sources. The new cuts will be unveiled as soon as tomorrow.
Currently Democrats are proposing to freeze spending at 2010 levels; the new Democratic proposal will be significantly lower than that, although will fall short of the $61 billion in cuts proposed by Republicans.
The cuts will include $8.5 billion in funding for earmarks left over from 2010. Additional cuts will come from the $24.7 billion in reductions that were outlined in President Obama’s budget for 2012. Democratic budget experts are trying to figure out how many of President Obama’s proposed cuts for next year can go into effect this year.