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Tuesday, April 26, 2011

Congressional People's Caucus 'People's Budget' Earns High Marks For Fiscal Responsibility

 Congressional Progressive Caucus

The CPC proposal:

• Eliminates the deficits and creates a surplus by 2021
• Puts America back to work with a “Make it in America” jobs program
• Protects the social safety net
• Ends the wars in Afghanistan and Iraq
• Is FAIR (Fixing America’s Inequality Responsibly)

What the proposal accomplishes:
• Primary budget balance by 2014.
• Budget surplus by 2021.
• Reduces public debt as a share of GDP to 64.1% by 2021, down 16.5 percentage points from
a baseline fully adjusted for both the doc fix and the AMT patch.
• Reduces deficits by $5.6 trillion over 2012-21, relative to this adjusted baseline.
• Outlays equal to 22.2% of GDP and revenue equal 22.3% of GDP by 2021.

Support for the People's Budget
Paul Krugman

“genuinely courageous”

“achieves this without dismantling the legacy of the New Deal”

Dean Baker"
if you want a serious effort to balance the budget, here it is."

Jeffrey Sachs

“A bolt of hope…humane, responsible, and most of all sensible”

The Economist


“Mr Ryan's plan adds (by its own claims) $6 trillion to the national debt over the next decade, but promises to balance the budget by sometime in the 2030s by cutting programmes for the poor and the elderly. The Progressive Caucus's plan would (by its own claims) balance the budget by 2021 by cutting defence spending and raising taxes, mainly on rich people.”

The New Republic

“In passing, Miller also draws attention something that's gotten far too little attention in this debate. The most fiscally responsible plan seems to be neither the Republicans' nor the president's. It's the Congressional Progressive Caucus plan…”

The Washington Post

"It’s much more courageous to propose taxes on the rich and powerful than spending cuts on the poor and disabled."

Rachel Maddow

“Balances the budget 20 years earlier than Paul Ryan even tries to”

The Guardian

“the most fiscally responsible in town… would balance the books by 2021“

The Nation

"the strongest rebuke...to the unconscionable 'Ryan Budget' for FY 2012."

Center for American Progress

"once again put[s] requiring more sacrifice from the luckiest among us back on the table"

Economic Policy Institute