Obama's Budget Insufficiently Spendthrift
Liberal House Democrats on Monday unveiled a 2013 budget that increases taxes by $4.7 trillion more than President Obama proposed in his own budget last month.
The Congressional Progressive Caucus said the taxes are necessary to fund $2.9 trillion in new stimulus spending to “put Americans back to work” and “rebuild the middle classes” while reducing the deficit. This new spending includes canceling the cuts in last August’s debt-ceiling deal between Congress and the White House.
The CPC budget will be offered as an amendment this week to the House GOP budget for 2013, which contains $2 trillion less in revenue than Obama has proposed over 10 years.
Liberals get $897 billion in tax revenue from imposing an energy tax on carbon fuels, and $849 billion from taxing Wall Street trades. Another $319 comes from a millionaires surtax. The CPC budget also ends Bush-era tax rates for the wealthy.