Congressional Progressive Caucus – “The Back to Work Budget

Timing and Logistics

  • Late this week – embargoed copy available
  • Week of March 11th – Budget Committee Mark-up
  • March 13th – Tentative Final Release
  • Week of March 18th – vote on the House floor as a substitute amendment to the Ryan budget

How you can help

  • Endorse this budget — Email Haley.Stewart@mail.house.gov with an email saying your organization endorses.
  • Let your membership know that the CPC is taking a bold step away from austerity and help us change the debate
  • Promote the budget as you talk to reporters and let them know there IS an alternative to the Ryan austerity.
  • This budget WILL get a vote on the floor which means it is a great opportunity to organize!  We have set the goal of at least a 100 votes for the budget – help us get there.

Budget Overview

Repeals budget control act spending caps

  • Repeals sequester and arbitrary spending caps that are damaging economy.

Job Creation:

  • Making Work Pay – boosts consumer demand by reinstating this tax credit for two years
  • Infrastructure – substantially increases infrastructure investment to the level the American Society of Civil Engineers says is necessary to close our infrastructure needs gap
  • Education – funds school modernizations and rehiring laid-off teachers
  • Aid to States – closes the recession-caused gap in state budgets for two years, allowing the rehiring of cops, firefighters, and other public employees
  • Emergency Unemployment Compensation – allows beneficiaries to claim up to 99 weeks of unemployment benefits in high-unemployment states for two years
  • Emergency Jobs to Restore the American Dream Act (Schakowsky) – includes public works job programs such as Park Improvement, Student Jobs, and Child Care Corps

Revenue:

Individual Income Tax

  • Immediately allows Bush tax cuts to expire for families earning over $250K
  • Includes Rep. Schakowsky’s higher tax rates for millionaires and billionaires (from 45% to 49%)
  • Taxes all capital gains and qualified dividends as ordinary income

Corporate Income Tax

  • Ends deferral and reforms foreign tax credits
  • Enacts a financial speculation tax
  • Prices carbon pollution with a rebate to hold low and moderate income households harmless
  • Eliminates corporate tax subsidies for oil, gas, and coal companies
  • Enacts a financial crisis responsibility fee

Defense

Includes same defense spending targets as last year’s budget, returning defense spending to 2006 levels

Social Security

At the request of Social Security groups, this budget no longer includes “scrap the cap” proposals.

Health Care

No benefit cuts, but includes savings from public option, negotiating drug prices, and reducing fraud, among others


 

Please don’t hesitate to contact me at Chamberlain@ProgressiveCongress.org if you have any additional questions.

-Charles

Charles Chamberlain, Executive Director
Progressive Congress


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