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News from EPI EPI releases technical report on Congressional Progressive Caucus budget

For Immediate Release: Wednesday, March 28, 2012
Phoebe Silag or Karen Conner, 202-775-8810

EPI releases technical report on Congressional Progressive Caucus budget

The Economic Policy Institute (EPI) released The Budget for All: A technical report on the Congressional Progressive Caucus budget for fiscal year 2013, a comprehensive explanation of the composition and impact of the Congressional Progressive Caucus’ (CPC) budget alternative for fiscal year 2013, today. Andrew Fieldhouse, a federal budget policy analyst at EPI and The Century Foundation, and Rebecca Thiess, an EPI federal budget policy analyst, provided the technical support for the budget, which was released by the CPC earlier this week.

For EPI President Lawrence Mishel’s statement on the Budget for All, click here.

The Budget for All emphasizes the following priorities:

  • · financing substantial, up-front job creation measures to address depressed demand and a weak recovery
  • · sustaining additional investments in human and public capital throughout the next decade
  • · protecting the social safety net by strengthening Medicare, Medicaid, the Affordable Care Act and Social Security without cutting benefits
  • · realigning security priorities and responsibly cutting spending by the Department of Defense
  • · adequately funding government by restoring fairness to the tax code

The budget tackles the ongoing jobs crisis by financing $2.9 trillion in job-creation measures and public investments over 11 years, relative to current law, including $227 billion in direct job creation and $247 billion in additional infrastructure investment. It makes no cuts to social insurance programs and responsibly phases out the costly and regressive Bush-era income tax cuts for filers in the top four tax brackets, while protecting working families. Finally, the Budget for All fulfills its vision for economic recovery, sustained public investment and a strong social safety net while also achieving fiscal sustainability.

“The Budget for All proves that there is a sensible, credible alternative to the draconian vision Rep. Paul Ryan presents in his budget, and it stands in stark contrast to the policies outlined in that document,” said Thiess.

“This budget demonstrates that we can pursue job creation and robust investments while promoting fiscal sustainability. It suggests that those demanding austerity and the dismantling of government are exploiting the economic downturn to promote an agenda that aids the wealthy on the backs of the 99%,” added Fieldhouse.