On Tuesday, President Obama urged Congress to put off the looming sequester of nearly a trillion dollars in spending cuts. But if he wants to find a suitable replacement to reduce the deficit, and stimulate the economy – he should look to the left-wing of his own party: the Congressional Progressive Caucus.
On Tuesday, the CPC announced it will introduce legislation known at the “Balancing Act”, that will scrap the sequester – raise new revenue from the rich who aren’t paying their fair share – and make critical investments in our economy and infrastructure. To begin with, the CPC’s proposal will raise $960 billion in revenue to replace the sequester, by closing tax loopholes for the billionaire hedge fund managers, closing loopholes for corporations that ship American jobs overseas, and by cutting off billions in taxpayer subsidies to Big Oil. The plan also cuts our war budget by $300 billion.
With the extra revenue, the CPC proposes new investments in education, in infrastructure, and in the middle class, with new tax cuts that actually help working people. Altogether – the proposal will slash the deficit by $3.3 trillion – and at the same time create more than a million jobs. Voters spoke loud and clear last November, when they re-elected President Obama, and elected a more progressive Congress.
Now it’s time to give the American people what they want: policies that revive the middle class, and make the rich and corporate American pay their fair share in taxes again. Call your Member of Congress and tell them to support the Congressional Progressive Caucus’ Balancing Act.