(J. Scott Applewhite/AP)

Senate Democrats on Thursday unveiled a plan to cancel the automatic spending cuts known as the sequester through the end of this year, but they said the proposal has little chance of passing through Congress, according to a report by The Washington Post’s Lori Montgomery.

The Senate proposal calls for about $110 billion in alternate savings to replace deep cuts to the Pentagon and other agency budgets through January 2014, Montgomery reported.

Half the savings would be achieved with spending cuts — by making deeper defense reductions after 2015 and by ending direct payments to farmers. The other half would come from tax hikes, primarily on millionaires.