The People's Budget - Why Doesn't Obama Support it

If Congress came up with a budget that restored balance, peeled 5.6 Trillion from the deficit and shared the "pain" equally, you would think President Obama would be embracing it with a hearty "yes we can!" Instead we have two competing budgets whose differences seem to be how quickly we walk or run over the cliff.

Well Congress has or rather the Congessional Progressive Caucus has published a budget, the only budget that addresses the causes of the massive deficit namely tax cuts for the rich, huge military spending increases, two wars and the costs of our health care system.

In summary from the CPC website:

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.

Who does support the People's Budget?

• The Economist
• The New Republic
• The Washington Post
• The Guardian
• The Nation
• Center for American Progress
• Economic Policy Institute
• Paul Krugman
• Jeffrey Sachs

Read more details of the People's Budget from the CPC including a Technical analysis by the EPI.

Tell President Obama this budget is fair and equitable and balances our budget faster than either his budget proposal or the draconian Ryan Plan. Contact the Whitehouse.

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