February 10, 2013
Who says deficit reduction is a Republican issue only? If you know the rules of the game, anyone can play—even Democrats.
That’s what the Progressive caucus set out to do with a $1 trillion reduction plan as an alternative to the current sequester that could, according to some, create havoc in non-mandatory government programs by forcing furloughs on thousands of employees.
Our content partner, Business Insider, brought our attention to the plan in a story by Walter Hickey. He says the plan has no chance of passage in Congress, but offers rank-and-file Democrats--and even some Republicans--a framework for deficit reduction.
SLIDE SHOW: View the Proposed Budget Cuts
The plan is the brainchild of the Congressional Progressive Caucus and is being called “The Balancing Act: Closing Loopholes to Equalize Cuts and Revenue.” The balance, of course, tilts away from the wealthy by eliminating corporate tax breaks and reducing deductions for the upper middle class and beyond.