Budget of the Congressional Progressive Caucus, Fiscal Year 2012
This is what sustainability looks like.
This is what competitiveness looks like.
This is what fairness looks like.
This is what security looks like.
The majority of America thinks cuts to Social Security, Medicare and Medicaid, K-12 education, heating assistance to low-income families, student loans, unemployment insurance, and scientific and medical research are completely unacceptable.
In contrast, Americans find a progressive tax policy very acceptable. The overwhelming majority of America supports additional taxes on millionaires and billionaires, eliminating unnecessary weapons systems, eliminating tax credits for the oil and gas industries, phasing out Bush tax cuts, and eliminating subsidies for new nuclear power plants.
The Congressional Progressive Caucus (CPC) budget listens to what the American people are telling us. It does all of the above in a fiscally responsible way that dramatically reduces our borrowing from banks and foreign governments and ensures our long-term economic competitiveness. It does all of the above recognizing that in order to compete, we need every American to be productive, and in order to be productive, we need to raise the skill level of every American and meet the basic needs of every working family. It does all of the above while remaining rooted in fairness, recognizing that America works only when everyone has an opportunity to make it in America.
The CPC budget eliminates the deficit in a way that does not devastate what Americans want preserved, specifically, Medicare, Medicaid, and Social Security. Instead of eroding America’s hard-earned retirement plan and social safety net, our budget targets the true drivers of deficits in the next decade: the Bush Tax Cuts, the wars overseas, and the causes and effects of the recent recession. We achieve a budget surplus of over $30 billion by 2021 and we end up with a debt that is less than 65% of our GDP.
Our Budget’s Bottom Line:
- Deficit reduction of $5.6 trillion
- Primary spending cuts of $869 billion
- Net interest savings of $856 billion
- Total spending cuts of $1.7 trillion
- Revenue increase of $3.9 trillion
- Public investment of $1.7 trillion
- Budget surplus of $30.7 billion in 2021, debt at 64.1% of GDP.