NEW : Senate urges Americans to favor the middle class over tax loopholes . He expressed concern over how the world will view the United States if it fails to avert sequestration . The plan raises taxes on millionaires , ends farm subsidies and cuts defense spending . An aide to Sen. D-Michigan says Republicans oppose higher taxes . Spending cuts to take effect January absent congressional action to avert them .
NEW : Senate urges Americans to favor the middle class over tax loopholes . The plan raises taxes on millionaires , ends farm subsidies and cuts defense spending . An aide to Sen. D-Michigan says Republicans oppose higher taxes . Spending cuts to take effect January absent congressional action to avert them .