As TPMDC has previously noted, Senate Republicans don’t see the need to offer an alternative budget of their own this week — even as they blast the priorities President Obama has outlined.
But the Congressional Progressive Caucus (CPC) is taking that leap, presenting an alternative budget that includes cuts to outdated weapons projects and defense procurement initiatives as well as a new 0.25% tax on all stock trades that would offset the staggering cost of the financial bailout.
The details of the progressives’ budget are available after the jump — and worth cheering, given the recent news that the CPC is struggling to get a literal foot in the door at the White House.
As our nation faces enormous challenges from the foreclosure crisis, the financial meltdown, increased unemployment, crumbling infrastructure, lack of health care, rising poverty numbers, and underfunded schools, we must have a bold budget that rises to meet these challenges. That’s why the Congressional Progressive Caucus (CPC) will once again introduce a full budget alternative to be considered on the House floor during consideration of the budget.
The CPC budget supports President Obama’s priorities and addresses our national needs by increasing spending where it’s needed most, rebalancing the tax code to be more equitable, and cutting wasteful spending, especially within the Department of Defense.
CPC Budget cuts and revenue raisers highlights:
Â· Elimination of unneeded, unwanted, and unproven Cold War Era weapons systems ($60 billion/year);
Â· Elimination of waste, fraud, and abuse at DOD. ($8.7 billion/year);
Â· Redeployment of all U.S. troops and military contractors out of Iraq ($90 billion);
Â· Repeal of Bush tax breaks for the top 1% of taxpayers ($222 billion);
Â· Instituting “Make Wall Street Pay For Wall Street’s Bailout” tax of .25% on all stock transactions ($150 billion/year);
Â· Closing egregious corporate tax loopholes ($100 billion/year);and
Â· Cap on tax deductibility of excessive executive compensation ($20 billion/year).
CPC Budget investment highlights:
Â· Provides $991 billion for non-military discretionary spending in FY10, $469 billion above President Obama’s request, primarily to help rescue the faltering U.S. economy and those Americans hardest hit;
Â· Provides $479 billion as sufficient defense spending level;
Â· Provides a strong economic stimulus package of $300 billion that includes an extension of unemployment insurance, an increase in assistance for food stamps, transportation infrastructure, school construction, water and flood control projects;
Â· Provides $120 billion a year for health care for all Americans; and
Â· Provides $1.22 trillion to cut the poverty rate in half over the next decade.
The CPC Budget ensures that the down payment made by H.R. 1, the American Recovery and Reinvestment Act (ARRA), will not be a one time investment, but rather a starting point from which the American economy makes a defined turning point that will ensure a prosperous 21st Century for all Americans. …
Lynn C. Woolsey RaÃºl Grijalva
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