CONGRESSIONAL BLACK CAUCUS ALTERNATIVE BUDGET
PRO-GROWTH. PRO-PEOPLE. PRO-AMERICA.
America is at a fiscal crossroads. As Congress debates the budget for Fiscal Year 2014, many difficult but necessary choices will have to be made. But the proposals put forth by the Republicans highlight the wrong priorities by deeply cutting vital programs like Medicare, Medicaid, education, job training, and transportation to pay for tax cuts that greatly benefit the wealthy. The most vulnerable in our nation have been hit hardest by the Great Recession and the House Republican Majority’s proposals do little to address this problem.
The Congressional Black Caucus (CBC) has a long history of submitting fiscally sound and morally responsible alternatives to budgets proposed by both Republican and Democratic presidents and House majorities. The CBC Alternative Budget for Fiscal Year 2014 continues this tradition by putting forth a plan that reduces the deficit and alleviates harm inflicted by austerity measures in a responsible and fiscally sound manner. Furthermore, this budget increases economic opportunities by investing in education, infrastructure, housing, job training and through modernization of our military. In addition, the CBC Budget protects and enhances the social safety net that continues to save millions from poverty. The CBC Budget proposes significant investments in these functions to accelerate our economic recovery and to ensure our recovery is felt in every community in America.
The CBC Alternative Budget for Fiscal Year 2014 puts forth a plan that reduces the deficit and alleviates harm inflicted by austerity measures in a responsible and fiscally sound manner. Furthermore, it proposes significant investments to accelerate our economic recovery and ensure that our recovery is felt in every community in America.
The CBC Budget raises $1 trillion in new revenue to avoid sequestration, the self-inflicted economic disaster will needlessly threaten our recovery.
The CBC budget protects and enhances Social Security, Medicare, Medicaid, SNAP, TANF and other vital safety net programs that save millions of families from poverty.
The CBC Budget enacts tax reform measures to pay for the needs of our nation, raising over $4 trillion in new revenue over the next decade by:
o Ending special tax breaks and close tax loopholes ( $1 Trillion over 10 years)
o Limiting tax preferences for Corporate Debt ( $1.151 Trillion over 10 years)
o Enacting the “Buffet Rule” and millionaires surcharge ($460 Billion over 10 years)
o Reduce the “tax gap” through better tax enforcement ($107 Billion over 10-years)
o Ending the mortgage deduction for vacation homes and yachts ($10 billion over 10 years)
The CBC Budget creates jobs and opportunity by increasing funds for:
o Maintenance and repair for public transit, highways, airports, ports, railroads, bridges and other infrastructure investments. ($230 billion)
o Workforce development programs such as the Workforce Investment Act Adult Program, the Dislocated Workers Program, Job Corps and other employment and training services. ($13 Billion)
o Providing relief to states to preserve teacher, law enforcement and first responder jobs ($50 Billion)
o Neighborhood stabilization programs that provide affordable housing development, infrastructure improvements and other community development needs. ($50 Billion)
o Veterans programs that honor our commitment to help our nation’s soldiers after they come back from serving our country. (Increased by $50 Billion)
The CBC budget addresses health disparities by fully funding the Affordable Care Act and providing strong support of the National Institute of Health.
The CBC Budget helps keep college affordable by increasing funds for the Pell Grant program so that federal assistance can keep pace with increasing tuition costs.