Senate Democrats have officially rolled out their plan to replace the so-called “sequester,” the set of spending cuts scheduled for March that were set in motion by the deal that raised the debt ceiling in 2011. House Republicans have yet to roll out a new plan of their own to replace the sequester, instead pointing to a sequester replacement bill that they passed in the last Congress (that they have no plans to vote on again). The Congressional Progressive Caucus has also proposed a replacement for the sequester.
Here’s a comparison of the three plans::
Congressional Progressive Caucus PlanReplaces the sequester with $110 billion in deficit reduction, equally split between spending cuts and revenue.Replaces the sequester with $960 billion in new revenue, $278 billion in defense cuts, and invests in new job creation measures.Includes no new revenue. Denies the Child Tax Credit to parents who are undocumented immigrants.Includes $55 billion in revenue, split between: a 30 percent minimum tax on millionaires (the Buffett rule), repealing subsidies for oil companies, and eliminating the ability of corporations to deduct the cost of moving jobs overseas.Reinstates the Making Work Pay tax credit. Ends the carried interest loophole that benefits wealthy money managers, closes tax loopholes that encourage corporations to send profits to offshore tax havens, cuts oil subsidies, closes loopholes that benefit buyers of private jets and yachts, and closes loopholes in the estate tax.Includes $27.5 billion in cuts to defense spending.Includes $278 billion in cuts to defense spending.Cuts domestic spending via: cutting food stamps, Medicaid, and the social services block grant (which, among other things, funds Meals on Wheels). Cuts domestic spending via ending direct agriculture subsidies, “which are currently provided regardless of yields, prices, or farm income.”Invests $160 billion in infrastructure.House Democrats have also released a plan largely in line with the Senate Democrats’ version. The sequester itself, meanwhile, would devastate several important programs that have already been hurt by budget cuts.
Already, the deficit reduction achieved since 2010 (which is hampering economic growth and hurting job creation) has been primarily achieved through spending cuts. In fact, just one-quarter of it has come through new revenue. Even adopting the Senate Democrats plan would mean that overall deficit reduction is tilted heavily towards spending cuts. Only the CPC’s plan would result in deficit reduction having been achieved through equal parts spending cuts and new revenue. The CPC plan is also the only one acknowledging that job creation, not the deficit, is the country’s most pressing problem.
The Obama administration has ruled out raising the Medicare eligibility age from 65 to 67 as a means of reducing spending, White House Press Secretary Jay Carney announced during a briefing on Monday. \ABS\Auto Blog Samurai\data\Obama Care\3\clear.gif){kind=small}
Get Email UpdatesContact Us Go to homepage. The White House Blog Photos & Videos Photo Galleries Video Performances Live Streams Podcasts State of the Union\ABS\Auto Blog Samurai\data\Obama Care\3\sotuthumb.jpg)
\ABS\Auto Blog Samurai\data\Obama Care\3\menu_visitor_records.jpg)
\ABS\Auto Blog Samurai\data\Obama Care\3\main_nav_cant_wait.jpg)
\ABS\Auto Blog Samurai\data\Obama Care\3\featured_tax_receipt.jpg)
\ABS\Auto Blog Samurai\data\Obama Care\3\featured_petitions.jpg)
\ABS\Auto Blog Samurai\data\Obama Care\3\menu_interactive_tour.jpg)
President Obama Calls for a Simpler Refinancing Process 
President Obama's To-Do List for Congress: Reward American Jobs, Not Outsourcing 
President Obama on Ending the War in Afghanistan 
President Obama Asks Students to Tell Congress: #DontDoubleMyRate President Obama to Barnard College: "Fight for a Seat at the Head of the Table" 
\ABS\Auto Blog Samurai\data\Obama Care\3\blog_tout_we_cant_wait.jpg "We Can't Wait")
We Can't Wait\ABS\Auto Blog Samurai\data\Obama Care\3\jf-feature.jpg "Job Resources for Returning Heroes")
Job Resources for Returning Heroes
End of the Iraq War Women WHITEHOUSE.GOV IN YOUR INBOXSign up for email updates from the Council on Women and Girls PHOTOS OF THE DAY 
VIEW PHOTO GALLERIES JUMP TO: Other White House Blogs The White House Blog Middle Class Task Force Council of Economic Advisers Council on Environmental Quality Council on Women and Girls Office of Management and Budget Office of Public Engagement Office of Science & Tech Policy Office of Urban Affairs Open Government Faith and Neighborhood Partnerships US Trade Representative Office National Drug Control Policy Home The White House Blog Photos & Videos Photo Galleries Video Performances Live Streams Podcasts Briefing Room Your Weekly Address Speeches & Remarks Press Briefings Statements & Releases White House Schedule Presidential Actions Legislation Nominations & Appointments Disclosures Issues Civil Rights Defense Disabilities Economy Education Energy & Environment Ethics Fiscal Responsibility Foreign Policy Health Care Homeland Security Immigration Rural Seniors & Social Security Service Taxes Technology Urban Policy Veterans Women The Administration President Barack Obama Vice President Joe Biden First Lady Michelle Obama Dr. Jill Biden The Cabinet White House Staff Executive Office of the President Other Advisory Boards About the White House Inside the White House Presidents First Ladies The Oval Office The Vice President's Residence & Office Eisenhower Executive Office Building Camp David Air Force One White House Fellows White House Internships Tours & Events Our Government The Executive Branch The Legislative Branch The Judicial Branch The Constitution Federal Agencies & Commissions Elections & Voting State & Local Government Resources \ABS\Auto Blog Samurai\data\Obama Care\3\sftr-whgov.gif){kind=small}
En español Accessibility Copyright Information Privacy Policy Contact USA.gov Subscribe to RSS Feeds Apply for a Job