In response to the extreme proposal put forth by Republicans to replace the 2013 Budget Control Act (BCA) sequester, Progressive Caucus Budget Task Force Chairman Mike Honda and Co-Chairs Keith Ellison and Raul Grijalva have prepared an alternative plan.
Both the sequester and the Republican plan would result in disastrous cuts to the domestic programs that Americans want protected. By building from proposals contained in the Budget for All, the Progressive Caucus has released the Fair Budget Fix for All, which would replace the sequester scheduled for 2013 with a collection of proposals favored by the American public including adoption of the Buffett Rule, and elimination of a host of unaffordable, unsustainable tax loopholes that benefit big oil, agri-business, and corporations trying to avoid their true tax liability. Lastly, the Fair Budget Fix for All would trim down our unnecessary and oversized nuclear arsenal.
This proposal would maintain the important programs that Americans want to preserve, while still addressing the fiscal challenges we face. Instead, the Republicans ideological proposal would let families go hungry and the banks run wild, while not getting our debt under control. There is a reasonable and balanced path forward, but at every juncture Republican leadership has opted for extremism over collaboration, pushing our country to the brink of disaster at every turn.
The Fair Budget Fix for All would save $261 billion over the next 10 years by –
- Adopting the “Buffett Rule;”
- Eliminating wasteful agriculture subsidies;
- Ending special preferences, loopholes, and accounting gimmicks for big oil and gas;
- Reducing spending on outdated, unneeded nuclear weapons and related programs;
- Closing loopholes that allow certain self-employed individuals to avoid paying their fair share of Medicare payroll taxes;
- Abolishing the home mortgage interest deduction for vacation homes and yachts; and
- Ending tax deductibility of advertising junk food to children.
This proposal is a balanced mix of both spending cuts and responsible revenue raisers, similar to the pathway charted by all bipartisan deficit reduction plans and endorsed by economists and budget experts of all political affiliations. Although Republicans have blocked consideration of this proposal on the House floor, the Progressive Caucus will continue to fight for the priorities that Americans believe in.
Read the text of the Fair Budget Fix for All.